Council is again contemplating demolition of the Co-op building on Greig Ave.
The city apparently purchased the properties for one million dollars. They neglect to mention the additional cost of uncollected taxes. I would guess these would be in the range of $80,000. Now council seems to be considering $400,000-$500,000 for demolition. If cash and all incidental costs are brought into the picture, taxpayers could easily be on the hook for $1.6 million.
A couple of recent city planned events are strongly supporting demolition.
Firstly, the “Graffiti Fest” is an obvious visual disaster. The Terrace Beautification Society who have done such a wonderful job, must be muttering under their breath..
Secondly, in addition to the third world paint job, the west end of the property is now used as a gravel dump. Weeds in the parking lot and surrounding sidewalks are a further visual distraction. A sad image near the entrance of Terrace. Planned destruction is a wonderful ploy to spending another $400,000 or $500,000 of taxpayer dollars on demolition.
An astute developer with construction knowledge will probably not demolish the entire building.
The single storey, east end is unlikely to be saved. However, the two storey west end block should be carefully examined for renovations and reconstruction.
The essential components of this 25,000 foot area are reusable. Foundations, steel framework, concrete floors and steel roof system have a considerable value.
At today’s prices, the replacement cost of these elements could easily be $1.5 million. Exterior walls of concrete clock and stucco over wood frame form the skin of the building.
These in-fill materials are readily replaced with new products to suit a new use and purpose.
In my opinion, Terrace council shouldn’t dabble in real estate development. It’s a very risky enterprise and should not be practised by amateurs with taxpayers dollars.
The city claims they purchased the property to gain control of development. Their control so far has been appalling. Furthermore, the city with its codes, by-laws and developments permits have extensive control over all projects.
Selling the Co-op to the highest bidder, even at some loss, would probably be the cheapest solution for the Terrace taxpayer.
Royce Condie, Terrace, BC