Well they have been trying to lease the proposed building for over 10 years and the retail and office market demand is low and has been for several years. Not surprised its becoming a parking lot to cut down on property taxes and create some income. Quick math puts the property taxes at around $91k per year

Maybe the city should buy the lot and built a multi storey parkade?

Did we know that a Temporary Use Permit has been submitted and approved for the site to demolish the existing structure and put 62 parking spaces in its place? And that the City also requested as part of this approval that Tri-Eagle explore placing modular housing on the site rather than parking?

I see that we were aware of the parking piece, but the modular housing is news to me.

...the City also requested as part of this approval that Tri-Eagle explore placing modular housing on the site rather than parking...

:whyme:

As per the Citified article

Any idea how long "several" years may be? This corner is far too high profile to be left as a parking lot for any extended period of time.

Temporary Use Permits are valid for up to 3 years, and can be extended by Council an additional 3 years. After the combined 6 years, it is possible to apply for a brand new TUP, but the applicant runs into the question of just how temporary their proposal really is.

This corner is far too high profile to be left as a parking lot for any extended period of time

And much, much too high profile to be used as "modular housing".