The city will spend more than one-third of sale proceeds from an Eau Claire property to demolish the apartment tower sitting on the land, which is being sold at a price city officials argued was much too low.
Calgary had agreed late last decade to sell the vacant Calgary Housing Company building at 727 1st Ave. S.W. for $4.5 million, a price based on values from 2006, and based on the land being vacant and lacking its 11-storey concrete complex.
The city’s agreement with La Caille Group put the city on the hook for demolition costs, to offer the condo developer a bare plot of land. While the sale price was fixed at 2006 estimates, the costs of demolition have risen.
Read more about this story HERE.