| Coast
Guard moving to Northgate: London Company Building on Former
Sears Store Site |
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| A
major blow to downtown Shmuel Farhi of Farhi Holdings in Based on winning that contract, Farhi said he recently purchased the former Sears property at Northgate and intends to build 150,000 to 180,000 square feet of new office and retail space. |
"It took me two minutes to negotiate with Sears," said Farhi, whose company owns
and manages office, retail and residential buildings throughout "I take great pride in building first class facilities," he said. "My bid for the coast guard was at least $1 million less than the other bids. "My building will be a great savings to the taxpayers of " I take great pride in buidling first class facilities." Shmuel Farhi
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By October, he intends to begin construction of several buildings on the 10-acre
Northgate site. The coast guard's new headquarters will be ready for
occupancy by the end of 2006, Farhi said, but other space will be available
for lease prior to that. Estimated cost of the entire project is $25 million to $30 million, including the cost of real estate. Farhi would not say what he paid Sears for the property. "The site is in a great, strategic location and my development will be very appealing in appearance," he said. |
"The
coast guard will have reserved parking and I hope to share
public parking with my neighbours. It will be a win/win situation
for everybody." by |