THUNDER BAY -- The city says its investment into a local landmark will pay off.
Since 2007 around $9.55 million, nearly half of that from city taxpayers, has been spent renovating the Whalen Building. With another $870,000 in repairs being approved Monday night, Coun. Frank Pullia wondered if the century-old building is a money pit for the city.
Acting community services manager Gerry Broere said the building is actually starting to see a positive cash flow, has cut operating cost by $100,000 and with a letter of intent signed last week that will see a company take over a floor of the building, occupancy will be at around 85 per cent.
"It isn't a money pit today," Broere said.
"A number of years ago it was but it's definitely turned around."
Past councils chose to make the repairs and keep the building around.
"We knew what we were getting into," Broere said.
Another $550,000 will be needed next year.
The eight-storey Whalen Building was constructed in 1913 by James Whalen, the tallest building in Port Arthur at the time., for around $550,000. He wanted it to be the cornerstone of commerce for what he believed would be the "Chicago of the North".
Originally designed by Montreal architects Brown and Vallance to house Whalen’s growing empire, two years after his 1929 death the building was sold to the Port Arthur Public Utilities Commissions for $175,000 in a tax arrears sale.
