Congratulations to Jorge DeSousa – whoever you are?

To This
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From This

Finally the biggest eyesore on King St is being renovated. On Monday evening 4th June the CoW will be asked to approve a planning application for 20 King St West – read it here.

This building has been massacred over the ages and left to rot by its present owner. In the 60s the building was used by Cobourg’s first woman lawyer – Daisy McCullogh and she ripped out the original store window and fixed it with 60s ‘modernism’ never a good fit and that became obvious as soon as the Heritage Movement came to Town. Then it became a Radio Shack, then a series of restaurants. Now it is unused and vacant.

Enter stage left and a Mr Jorge DeSousa. He has authorised Andrew Smith Design to renovate the front and replace the windows. Congratulations to Mr DeSousa for showing faith in downtown and doing this. A very good investment, as downtown real estate is dirt cheap and the potential to add a fine storefront – we don’t know what is going to go in but we would guess another restaurant (the double bifold doors would be a clue), and dwellings up top is there.

Just goes to show that one of the ways to get people to invest in downtown is to push the fact that downtown property prices are dirt cheap compared to other places.

  1 comment for “Congratulations to Jorge DeSousa – whoever you are?

  1. Bryan
    May 30, 2018 at 10:06 am

    So the building gets a movie set face lift and looks “pretty”. Is the interior to be renovated as well? Without the interior renovation, the building remains dilapidated and for the most part, unrentable. So what has been gained? Will the building’s property tax value increase? Will additional rental units become available. There are examples of the “metrics” that the CIP consultants indicated should be used by the Town to assess the impact of its investments. There is no evidence that the Town makes any such evaluation.

    If down-town real estate prices are so cheap and a “fixed up” property is a good opportunity to “cash-in”, then maybe the Town should be taking an equity position in the property rather than giving a grant. That way the Town participates in the economic growth nurtured by its investment.

    The low down-town property values reflect the business value of the properties. Dilapidated and unrentable, they are valued for their business value (read cash flow). A new investor would have to spend a bundle to bring the property up to standard and would have to charge higher rent to make the investment profitable. Are renters willing to pay higher prices to be down-town? How much higher? Tough questions that both investor and renter need to consider.

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