Ontario Construction News
Private investors plan to spend $40 million to redevelop the former Ledo Hotel (currently a rooming house) in downtown Sudbury into a 150,000 sq. ft. commercial development.The planned project will be developed in conjunction with the city’s plans for a new arts centre and other projects in the area of Shaughnessy, Van Horne and Elgin Streets.
Northern Ontario CTV has quoted Le Ledo spokesperson Chris Tammi as saying the investors behind the project want to remain anonymous at least until the project gets municipal approval.
The existing hotel will be kept, repurposed and integrated into the project. The project’s designs envisage that the existing three storey brick and glass facade will be retained 14 storey tower above, to be clad in copper and glass.
“So the existing structure, the former Ledo hotel property, the intent is to integrate that into the design and to repurpose the actual structure itself,” Tammi said. “It would be basically a three-storey commercial building that would wrap around the full perimeter of the site and then a 14 storey tower – with the main entrance fronting on the corner of Shaughnessy.”
Tammi envisions construction taking place around the same time as the new art gallery and library and being built as part of the Junction. He thinks the timing is right, especially since the Place des Arts is being built right up the road on Elgin and plans for a new performing arts centre to be part of the Junction. The goal for this redevelopment would be to have the project finished at the same time as the Junction – roughly two to three years.
CBC News says the project plan includes storefronts and office space.
The Ledo Hotel is currently a rooming house and the replacement building will displace people. Tammi said the group plans to donate $150,000 to a social service agency to assist with outreach in the area.
The Sudbury Star reports the City of Sudbury and Le Ledo Inc. are still in discussion about certain aspects of this project. Both parties still need to enter into an agreement for the use of parking in the Junction district.
The city will be losing 150 parking spaces because of the library and art gallery project on Shaughnessy. Tammi stated that the developers are proposing signing a long-term lease for anywhere from 100 to 150 parking stalls at above market rate.
A long term lease agreement could earn the city an annual revenue of more than $100,000.
The municipality has also sent the group a list of conditions to be met before the project would be approved.
Le Ledo could generate $600,000 annually in new tax for the municipality, $225,000 in new tax for education, and $90,000 new dollars for downtown BIA.