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2014-08-18 at 14:04

Lyceum sold

By Leith Dunick, tbnewswatch.com
Substance UseAre you pregnant and struggling with addictions during pregnancy? Talk to your healthcare provider.www.mushkiki.com

The city has unloaded the dilapidated Lyceum Theatre for $20,000.

The new owners of the 105-year-old downtown north core landmark, Ontario numbered company 2426434, plan to rehabilitate the building. The purchaser, a contractor from southern Ontario who has done this type of work before in Thunder Bay, has asked that his name be kept private. 

“This agreement shows that the city is serious about preserving our history and historical buildings, properties and sites,” said Coun. Larry Hebert, a member of the city’s heritage advisory committee, in a release issued on Monday.

“It is great we have found a buyer who will restore the building. Our committee certainly supports the city’s efforts to find a new use for this building.”

City officials say they got fair-market value for the building, which it attempted to sell last year through a tax-sale tender. At the time the city was seeking $150,000. 

“Since this is a historic building, the city had been seeking a buyer who is interested in restoring the building,” said Joel DePeuter, Thunder Bay’s manager of realty service.

The release also stated the purchaser has agreed to meet construction milestones in the rehabilitation process.

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Tbnewswatch.com(22)

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Comments

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Bob Roberts says:
Wow the pigeons will not be happy. It would have made a nice parking lot, or better yet a 5-7 storey new retro condo build keeping some of the historical facade. Fair market value of 20,000 for a fixer upper, wow another good value for the city to add to the special reserve fund. I hope the Buyer has deep deep pockets, or wait they are probably going to apply for some public money to fix it up.
8/18/2014 2:36:40 PM
YellowSnow13 says:
Wait a second here! Only a few months ago fair market value was $150G's for taxes and now....the city is losing $130G's in taxes! What is going on here. First the golf course for peanuts now this place. Is there some other type of off market sale going on here in the city? I sure hope the city can collect those taxes. Maybe I'll hold off on my bill?
8/18/2014 3:45:57 PM
prismacolor says:
No, they're gaining $20k in capital. The previous taxes are gone.
8/18/2014 5:33:10 PM
thunderbaycouncel says:
Fact: smaller buildings on same street have paid over $120,000 to remove asbestos and mold from their structures. This is guaranteed to cost more.
8/18/2014 4:03:09 PM
boofer69 says:
Wow, 20k. Very small price to pay for a piece of history.

I'm excited to see what they do to it.
8/18/2014 4:06:35 PM
kensington says:
..another bar you can't go to at night because of crime and no parking when "hockey rink"opens.
8/19/2014 9:45:55 AM
TBDR says:
except every bar down there is already packed several nights a weekand lo and behold very few problems. I've spoken with the owners of 3 of the bars on Cumberland/Red River and they want more development down there... event centre included.
8/19/2014 4:27:28 PM
jonthunder says:
$20K for a $150K asking price....is our Mayor, City Council and Administration nuts? This deal smells rotten. The Mayor and Council must put some hard facts to the public to justify such a sale price!!
8/18/2014 7:07:17 PM
fastball says:
You can ASK anything you want. The sky's the limit. But if the only offer you get is 20K...






8/19/2014 10:31:53 AM
ou812 says:
a micro brewery at the lyceum would be a smash hit downtown.
8/18/2014 10:09:38 PM
cshborland says:
Good; I am glad that it has been sold. I am very happy to learn that they intend to renovate the building and to preserve history. We are so quick to tear down our history.
8/18/2014 10:59:03 PM
Royalflush says:
Maybe if the taxes in this city were reasonable, the original owner would have been able to maintain and rehabilitate that building himself in the first place, instead of amassing an unpayable 150,000.00 in taxes.
8/19/2014 1:22:53 AM
ou812 says:
He shouldn't have bought it if he couldn't afford the taxes!
8/19/2014 9:13:27 AM
Blah blah says:
Holding on to this building was costing tax payers money, now it is making the city money. 20,000 doesn't seem like much but the cost to fix and maintain or demo would and will be high.
8/19/2014 7:21:42 AM
eventscentre says:
I can't believe that the city sells a piece of history that is going to be refurbished and people are whining about it. Is it the price that upsets you? Then get together with your friends and donate 130,000 dollars to the taxpayer
8/19/2014 7:55:21 AM
QM says:
Lets see, they get $20,000 cash, and no bond whatsoever to guarantee that anything will actually happen on the property. This is a joke if the City does not receive any sort of financial guarantee that a renovation will actually take place. Just putting off the day till the City gets this back again. Sets a new level of naivety in the City's real estate dept.
8/19/2014 10:00:43 AM
SadButTrue says:
It states they have done just that in the article.

"The release also stated the purchaser has agreed to meet construction milestones in the rehabilitation process."
8/19/2014 1:15:59 PM
keiths31 says:
My money is on the owner claiming it cannot be salvaged and it is torn down for a parking lot. Nice and close to the new event centre site...
8/19/2014 10:52:18 AM
unknowncronik says:
Hahaha........should have gotten something in writing like QM mentioned...
8/19/2014 11:51:09 AM
conker2014 says:
I am sure the owner will wait until after the event center decision is made then down goes the building with the facade remaining and a new building will be built with an old facade. Hopefully they will go taller above the facade like 5 @ 5 st Joseph in Toronto. The old building is transformed into retail at ground level, heritage lofts in the rest of the old facade and new condos above
8/19/2014 11:57:32 AM
JYDOG says:
Dream much?
8/19/2014 2:29:51 PM
caesarjbasquitti says:
This is only a symptom ?

Has anyone considered the high rates of property taxes, and high rates on empty commerical properties affected by road construction, road closures, changes in city developments etc...and how the property owner is not compensated ?

Come on people of THUNDER BAY time to wake up and begin thinking !
8/19/2014 9:56:54 PM
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