THUNDER BAY — Eleven years after he purchased the historic but badly deteriorated Lyceum Theatre building on Cumberland Street, a southern Ontario developer has made little progress toward redeveloping the property.
In fact, he's now willing to consider offers for the 116-year-old structure.
John Stankovic, spokesperson for St. Catharines-based Lion Building Group, said in 2022 he and his partners planned to renovate the building for conversion to extended-stay apartments or a hotel.
He speculated the work could be done the following year, while cautioning "we're going to need a few bucks to do that."
In a recent interview with Newswatch, Stankovic said drawings for the project are still in the works, and that he hopes to apply for a building permit at some point.
However, there's no timeline for actual construction.
"If I get financing, I'm going to do it. If I don't, I don't want to do it," he said.
Stankovic added "It's no problem if somebody wants to buy me out. I'm always willing to negotiate...I'm willing to sell."
But he cited unfavourable economic conditions in Canada, saying "90 per cent of the builders in Canada don't build anymore."
In 2014, after failing to get $150,000 for the property in a tax sale, the city sold it to the Lion Building Group for $20,000.
City officials said at the time they were pleased to have found a buyer who was interested in restoring it.
Kara Pratt, executive director of the Waterfront District Business Improvement Area, declined to comment on the current status of the building but told Newswatch the BIA supports urban infill and downtown redevelopment, and added "should someone have the capacity to take over the property, we'd welcome that."
Stankovic's company also owns a former school in Elliot Lake that was gutted by fire in 2021.
In 2023, town council approved a zoning change to permit the development of a long-stay hotel on the property.
But Stankovic has told local media high interest rates and general economic conditions mean the project doesn't make sense at this time.
He said he's waiting to see what government support might be made available for rental housing projects.
