Hard on the heels of the $3.6 million awarded to Port Dalhousie’s Harbour Club, another developer of a new multi-million dollar luxury condo building has qualified for $6 million in CIP funds from the City based on the new program’s point system that prioritizes the number of bike racks on the property.
“Since our project had no affordable housing, no significant brownfield remediation, and no heritage value, we knew it would be close with our current luxury condo design,” said the developer, Heggithit Seshadi. “But once we added 50 bike racks, we were way over the 50-point threshold.” Obviously delighted with the staff recommendation that council approve the grant, Seshadi commented, “It’s so great to work with a truly business-friendly community.”
The SubStandard spoke with a city councillor to gain a better understanding of how this latest project qualified for a CIP subsidy. “Look it’s only fair,” the councillor explained. “If you give a cash gift to one luxury condo developer, you have to give it to the others. When we say we are open for business,” the councillor continued, “we’re not kidding.”
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