The on again and off again condo project in Medicine Hat is down again, and this time, for good. Despite the recovery deal that was supposed to give new life into Medicine Hat downtown core, however the plug has been pulled and the development lauded as the centrepiece of an improved Medicine Hat is dead.
It has been two months since the two seven storey condo/ commercial brick buildings were unveiled to the public. Developer P.H. McNally announced in a release on Friday the project has been permanently abandoned.
The debate among alderman was sparked by Mayor Norm Boucher’s comments against the deal which would have seen the city to buy two flows as well as sell the land to McNally at the cost of $1.
McNally would have absorbed costs relating to following the city’s guidelines regarding the empty downtown lot.
However, Boucher had back down, and McNally reaffirmed his commitment to the development, however in the end it is the economy to blame for the project’s demise.
A letter from River Street Development to the city’s land and properties department, an uncertain economic future and high material costs were the main reason for the project being dropped.
The future of the lot, which has been vacant for 30 years will be brought before the council again.
Glen Chapman
Broker of Record with Club “100″ GMAC Real Estate
www.club100realestate.com
