11-11-2016, 11:38 AM
I think you're remembering correctly (at least I'm remembering the same as you: that might not be the same thing). The contamination is believed to have migrated, and soil and air testing is being conducted at sites nearby to monitor. Everything has suggested it will be significant remediation.
I can't see the building being worth a million even if it were relatively structurally sound, which is in question anyway, and with all remediation done. The location is pretty good, but it's deep in a residential neighbourhood where getting much done will be a slog (if one wanted to add anything at all, the site is officially zoned residential as someone else pointed out). Actually developing it would be significant costs.
It would be lovely if I were wrong, and someone buys it to turn it into something. Particularly with the state of the land, I'm not optimistic.
I can't see the building being worth a million even if it were relatively structurally sound, which is in question anyway, and with all remediation done. The location is pretty good, but it's deep in a residential neighbourhood where getting much done will be a slog (if one wanted to add anything at all, the site is officially zoned residential as someone else pointed out). Actually developing it would be significant costs.
It would be lovely if I were wrong, and someone buys it to turn it into something. Particularly with the state of the land, I'm not optimistic.