Six months after Premier Dalton McGuinty came to town with a $7-million commitment to help redevelop the deserted Lister Block building, a giant question mark hangs over the project's future.
The developers now say it's going to cost several million dollars more than expected to renovate the mouldering downtown landmark at King William and James streets.
And Hamilton Mayor Fred Eisenberger says that's "problematic" if it means the city, the anchoring tenant, would have to pay a higher leasing rate.
"From where I sit now, not knowing what the numbers are but with some sense that they may come in higher than previously anticipated, I think it's going to make it very difficult for me and others to support it," Eisenberger said.
The developers, Labourers' International Union of North America (LIUNA) and Hi-Rise Group, say their studies show that renovating the Lister instead of tearing down and replicating it is driving the increased costs. Source...