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2014-02-20 at 14:33

No market interest in old north core theatre

By tbnewswatch.com
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There was not a lot of interest on the open market for an old theatre in the downtown north core. 

The city put the Lyceum Theatre up for sale in a tax sale, but didn't receive a single bid. That was a bit surprising to city councillor Larry Hebert, who believed there would be significant interest in the building.

The century-old landmark has fallen into major disrepair over the years. At one point last year, the city's building inspector declared it structurally unsafe and a number of orders were issued to fix it up. 

But the building was further assessed and determined it wasn't falling apart as quickly as once believed. 

The city took control of the Lyceum after the owner failed to pay more than $95,000 in back taxes. 

Hebert believes the $150,000 the city is asking for the building may have scared some people off.

The city has decided to do temporary repairs to the building including fixing the roof.  However, that work has still not happened. 

(Thunder Bay Television)


 

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Tbnewswatch.com(18)

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Comments

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S Duncan says:
I thought the north core was such a great investment?

n00n... step up to the plate, win your lottery.
2/20/2014 2:46:05 PM
TBDR says:
It Downtown is a very good investment judging by the rapidly decreasing number of for sale signs... if it's a sound lot or building. Right now it's neither
2/20/2014 4:10:34 PM
jimmyboy says:
Well then why don't you and a few of your friends get together and pool your resources and purchase this building....seeing that it is a great investment opportunity in your eyes....pony up if you will.
2/20/2014 9:32:34 PM
sd says:
Pay attention and read what someone says. Yes they feel downtown is a good investment, however, if you cared to continue on in their comment you would have noticed that they feel that given the price the city wanted that the building was not sound. Investing in a promising area only makes sense if the price is right.
2/21/2014 3:57:26 AM
common cents says:
OLD downtown cores will always be bad investments,

that why the events centre being place in any downtown core is totally wrong!
2/22/2014 11:22:54 AM
teacher says:
$150K for a condemned building. Just a tad bit unrealistic. So much work needs to be completed in there to make it profitable.
2/20/2014 3:36:21 PM
gotcha says:
$165k for the 2 story building next door sold 80% rented - 3 X the size. Does anybody at city hall have a clue? Council or Employees?
2/20/2014 6:20:54 PM
unionbay880 says:
Greed, just sell it for what is owed in taxes and hopefully you have an owner that will be paying the tax on it. Then it is no longer the city's responsibility.
2/21/2014 4:17:16 PM
waldo says:
Yes Larry someone will buy this building after the city invests more money in it and then reduces its price so that the taxpayer again holds the bag and loses in the end.
2/20/2014 3:49:59 PM
dockboy says:
Sell it for $95,000.00 which is the amount of the back taxes and be done with it.
2/20/2014 4:34:38 PM
mystified says:
Buy it for the back taxes, demolish, pave instant parking lot, and you are now gonna reap in the money when the shovel ready event centre gets built. It's a no brainer, gold mine.

Duh! I forgot I was in Thunder Bay and nobody likes to walk.
2/20/2014 5:07:49 PM
jimmyboy says:
So now the city is stuck with it....as well the cost to tear it down...if need be.....LOVELY.....NOT..!!
2/20/2014 6:06:19 PM
keiths31 says:
Funny this. There was a huge uproar and crying all around when the threat of demolition was lingering for this 'landmark'. But when push comes to shove, no one stepped up to the plate.

Owning and maintaining a building, especially an older character building, is not an easy thing to do. That is why they get in stages of disrepair, torn down or abandoned.
2/20/2014 10:08:58 PM
ou812 says:
A prime location considering it is across from the THE NEW EVENT CENTRE (in caps for all you whiners)

Yes 95,000 would be fair. I am surprised that it didn't go though.
2/20/2014 10:50:31 PM
common cents says:
You shouldnt be suprised....

If you asked any business person, if they were putting up their "own money" where they would build a new arena,,,, it would not be in a downtown core!

But since its public money council thinks it OK?????
2/22/2014 11:28:58 AM
Tiredofit says:
If the city will invest 200k in fixing it up and then give me a tax break. I'll buy it for a $100k. It worked for the waterfront developers didn't it?
The entire building is condemned, we the tax payers are selling what is essentially a death trap, I invite you to go take a peek inside,, it's a disaster. But hey the front looks old and cool!

It will take millions to restore this building. But the province and Feds have lots of money don't they! Maybe we can borrow $1 million from the city to fix it up (worked for ReGen why not).

2/21/2014 6:31:03 AM
nvjgu says:
Typical of something the city owns.
2/21/2014 8:00:48 AM
The Beaver..... says:
gotcha says:

$165k for the 2 story building next door sold 80% rented - 3 X the size. Does anybody at city hall have a clue? Council or Employees?
No they don't. its like looking for millions for Municipal.
2/24/2014 9:23:38 AM
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