The library parking lot is back in the city’s collection – for now.
A deal to sell the lot on the north side of library at 60 Worsley St. has been shelved.
In a memo to council, business development officer Peter Dyck said the city was asking $2.6 million for the 0.57-acre parking lot.
“Staff commissioned an appraisal for the property and as of June 2016 the value range was determined to be between $2.225 million and $2.6 million,” he said, so in September 2016 Invest Barrie staff created an offer package that asked for $2.6 million.
One offer came in – at $525,000.
“Since the city is required to sell its lands at fair market value, the significant gap between what was offered versus the apprised value could not be bridged during negotiations.”
The city broke off talks and proceeding with the sale.
“The property is currently off the market,” Dyck, said, but added that Invest Barrie could put it back on the market once the city agency revaluates the land’s value, examines parking demand and its overall property disposition strategy.
The deal falling through came as good news to the Barrie Downtown Neighbourhoods Association.
“Land is a huge asset and it gets more valuable,” said BDNA chairperson Caroline Smith.
“We have defined northern borders and have a finite amount of land. Let’s be judicious and value it. If something absolutely fabulous (for the community) comes along, then we have it (to use).”
According to the city memo, the hopeful buyer was planning residential, with some commercial.
The city is selling another nearby parking lot – the one on the corner of Owen and McDonald streets, for a low-rise seniors residence.
Other lots are also on the market, as suggested in a 2015 strategic real estate study that recommended the city sell off lots to spur on development and obtain cash to decrease the debt it incurred as it built the Collier Street Parkade.
A 2011 study also found there is surplus of parking in the city core, especially around the library.
