City of Greater Sudbury plans to offer $1.7M to developer for downtown condo tower, but with strings attached
Panoramic Properties would get the money on condition it demolishes former general hospital
Greater Sudbury Mayor Paul Lefebvre is dangling a carrot to developer Panoramic Properties in the form of $1.7 million to help develop a downtown property it owns.
But the money will only be available if Panoramic also demolishes the long-abandoned former General Hospital, also known as St. Joseph's Hospital, a Paris Street property the company also owns.
Panoramic was already planning to redevelop the downtown Scotia Tower through a $19.8-million investment to create 83 new residential units in the tower on Cedar Street.
"At a time when all housing availability is critical, the creation of 83 new residential units in the heart of our city is a significant step in addressing our growing housing needs," Lefebvre said in a written statement.
At a finance and administration committee meeting on Oct. 16, city council plans to vote on a $1.7-million contribution to Panoramic through the Tax Rate Stabilization Reserve.
But Lefebvre said he plans to table an amendment at that meeting, stipulating that the city funding be conditional on demolishing the former general Hospital property overlooking Lake Ramsey.
The former hospital has sat vacant since Panoramic purchased the site in 2010.
Last year, the company shared a redevelopment plan for the former hospital site that included a 20-storey condominium, 16 storey urban loft and 12-storey retirement residence.
The three buildings would provide 222 condo units, 199 rental apartments and 109 retirement guest suites.
"Our desire is to work in parallel with the City of Greater Sudbury to realize the true untapped potential of this site, its significance to the city, and northern Ontario more broadly," Panoramic president Angelo Butera said in a news release at the time.