Penny Lane project in doubt

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Penny Lane project in doubt

Postby newsposter » Thu Dec 14, 2006 10:18 am

From David Parker, Calgary Herald December 14

Although there is a huge need for downtown office space, the tremendous escalation in construction costs has a lot of people speculating as to whether some announced towers will be built. I can tell you that the owners of Penny Lane have worked hard with estimators and are rethinking the scope of the project, and Gibbs Gage Architects has been charged with revisiting the design. There will be a delay in the demolition and start of construction -- but hopefully not a long one. Meanwhile, the retailers that have not found other venues can stay for awhile.

For more on the Penny Lane saga, go here:
http://calgaryheritage.org/CHIForum/viewtopic.php?t=123

In other news, kudos to Penny Lane developer Ron Mathison, who is behind a $1.2 million donation to St. Mary's University College to restore the historic Lacombe buildings. Here is a link to the news release:
http://www.stmc.ab.ca/News&Events/News& ... ngs_06.pdf
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Postby newsposter » Wed Dec 27, 2006 1:45 pm

See above for more.

Excerpt below. Full story at link (free) http://calsun.canoe.ca/News/Alberta/200 ... 21325.html

December 27, 2006
Penny Lane Mall eviction on hold
Some merchants miffed, others happy with deadline extension
By SHAWN LOGAN, CALGARY SUN

Merchants at the Penny Lane Mall are unsure of their fate after receiving word this month a planned Jan. 31 eviction is now on hold indefinitely.

Businesses in the downtown complex had been expecting to leave in a month after being given notice in July, but a letter that went out to merchants on Dec. 15 said the deadline has been extended and the developer of the property is now offering month-to-month leases...

Developers are looking to build a massive, two-tower complex on the site, which would provide more than 2 million sq. ft. of office space in the downtown...
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