The $80-million redevelopment of the former St. Joseph's Health Centre in Sudbury is on hold, the company behind the project has confirmed.
A news release from Panoramic Properties and its affiliated company, 2226553 Ontario Inc., said the company has spent considerable time and resources in Sudbury in recent years, and needs to focus on other projects for the time being.
“In the last four years, since the purchase of the 700 Paris St. site, Panoramic Properties has constructed approximately 300 residential units at two other locations in Sudbury, namely the 1310 Nesbitt Drive and the 347 Hyland Drive,” the release said.
“At these locations, the company completed a development that was approved many years ago by the city known as the Serbian Village and engaged in the adaptive re-use of the Old St. Denis School. The oversight of the construction process at these locations was directly managed by the company’s principal, Angelo Butera.”
Butera, a resident of Niagara-on-the-Lake, has lived in Sudbury for the last four years, the release said, to oversee the construction of both projects.
After spending so much time and focus in Sudbury, the release said Butera needs to spend time in other areas on other projects to “to properly balance the company’s portfolio.
“Mr. Butera is not saying that his company will not be proceeding with the 700 Paris St. development,” the release continued. “But that the development will be placed tentatively on hold so to allow for Mr. Butera to properly position his portfolio across Ontario, complete the various projects which are in progress at this time within Sudbury and other cities, so that 100 per cent focus can be placed on the 700 Paris St. development once it commences.
“Mr. Butera is very excited in moving forward with the proposed condominium development at 700 Paris Street given that the project of this magnitude exceeds $80 million; however, at this time, he has decided to take a break and regroup so that he can proceed with the condominium project at some point in time in the near future, when knowing that all other aspects of his family and portfolio are in check and knowing that he can focus full attention to this project.”
The estimated $80-million plan received approval from the city in late 2012, after a complicated approvals process that included several raucous public meetings.
Several changes were made to the plan to gain city approval, and current plans include setting aside 47 per cent of the 4.5-acre property for landscaping, compared with 24.3 per cent in the original proposal.
A new structure on the south wing of the former hospital would create a 62-foot space between the old building and the new one. That will allow a view of Ramsey Lake that was blocked by the old hospital, without creating new visual obstructions.
Higher end condos in the 215-unit project were expected to sell for as much as $500,000 each.
