Breaking: 579 new parking spots and new tax revenues for city with approval of Downtown Event Centre - Prime

The Downtown Village Development Corporation has been working with the Prime Real Estate Group Inc. and received copies of their plans just completed by their consultants SP+ that would see 600 new structured parking spaces in the downtown core. Prime has the flexibility in their plans to increase the number of spaces should they be required.

The Company has been closely following discussions on the site selection for the new downtown Arena/Event Centre.


The opportunity to add the potential revenue from the existing Sudbury Arena or proposed new Downtown Event Center would be a major influence in the feasibility and design of these builds”

— Jim Searle, Manager, Prime Real Estate Group.

 

City of Greater Sudbury

Dear Council members,

As the Property Management company for the Landlord at 30 Cedar and 65 Larch we have been working diligently to prepare a recommendation and costing for both buildings with respect to the current and future requirements. We are looking at all aspects of the buildings including the current tenancy, future potential tenancy, building infrastructure and the role these buildings serve in the community.

30 Cedar is an iconic building in Downtown Sudbury and one we feel should be the hub for the financial core. For that to become a reality we understand that there is an expectation from our current tenants and potential tenants with respect to services provided by the building. Our investigations have again and again lead us back to a common theme being parking and the lack of accessible parking.

In response to this we have undertaken to provide to the Landlord a proposal for the construction of an elevated parking structure to fulfill the current and future needs of the building with respect to parking. We have attached a copy of the preliminary design proposal provided to us by SP+ Corporation. The final design is still under consideration and the ratio of daily paid parking and reserved parking is one that would be related directly to tenancy and one that would be modified as those requirements change. We also understand that there is a large demand for reserved parking from other businesses in the downtown and one that as we progress with the design we will take into consideration.

Our building at 65 Larch is primarily a medical building and the existing parking is also under pressure. Many of our tenants and their staff do not use the lot across Medina Lane to free up parking for their patients. Again, we recognize a need and have completed the same investigation into the potential of erecting an elevated parking structure behind 65 Larch Street.

This location has some additional interesting opportunities we have identified during our discussions and investigations. We have not incorporated these into our preliminary design as there are too many what if’s and too much speculation to proceed down that path with the consultant now and instead only directed them to look at the building’s needs. We have attached a copy of the proposal from SP+ for the 65 Larch location as well.

Understanding that this is still very early in the process we do recognize the importance that these builds have with respect to the opportunities to attract new tenants and provide a greater level of service to our tenants and their clients.

We must be able to prove the financial model to the Landlord and any potential investors to be able to justify such a large investment into the buildings. Currently not part of the financial model being proposed to the Landlord due to the uncertainties of the future of the downtown the opportunity to add the potential revenue from the existing Sudbury Arena or proposed new Downtown Event Center would be a major influence in the feasibility and design of these builds.

Kind Regards,

Jim Searle
Encl.

Prime Real Estate Group Inc.


Download the official letter here.