On With Progress I Suppose
This past Wednesday morning in Toronto there was a large fire in a preserved historic area. The fire occurred along Queen Street, an area known for it’s older buildings, plentiful shops and definitively quirky attitude.
After the reality of the situation sets in, the first question is: What are they going to do with the land?
It’s a little sad isn’t it? Certainly a testament to big city life. We’re always concerned about space, and here it is, a nice chunk of real estate space. Watch the developers salivate.
It is a historical area but I don’t think that will stop new development. To claim historical protection on a chunk of charred rubble when millions of dollars of real estate development is on the line is unfortunately, unrealistic. Right now we’re all just left wondering who is going to get it.
The most hopeful option is that the insurance companies will pay out the actual worth of the properties, and then the landowners will then will decide to rebuild something that, architecturally, will compliment the rest of the older buildings in the area. Right after scientists create the new flying pig. It’s downright naive, but I’ll still hope. It will really depend on how many building are owned by the stores that reside in them vs. separate landlord development. Separate landlords would quite honestly be more likely to take the insurance money and sell off the land. If you’re looking for investment opportunities as a landlord, re-building just doesn’t make sense.
Everyone’s big fear of course in the idea of a ‘big box’ store moving in. Not saying that is couldn’t happen but it doesn’t make too much sense for the area and plenty of community activists would basically have no problem preventing a Wal-Mart or a Canadian Tire moving in. It would be a pretty easy argument to state that a ‘big box’ would fit in with the mood of the area.
No, my big concern is a condo company. In Toronto they seem to be a plague, popping up everywhere. Off the top of my head I can name six that are currently holes the ground that I have to pass during my everyday life. Six! Not counting those that have actually started building yet. Sometimes it feels like the condos are the only development going on, except for maybe the currently dilapidated AGO (Art Gallery of Ontario).
I can see it now, some company will promise some trendy lofts with some throw back post-constructionist facade. Watch the “trendies” flock so they can pretend they’re hip and bohemian.
For more information visit The Toronto Star.
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