Green Infrastructure Partners Inc. (GIP) has been delayed in finalizing the purchase of the former General Hospital from the city, as the local registry office is still certifying the property and defining the easements to be acquired by the city. The agreement of purchase and sale is yet to be concluded between GIP and the city.
Green Infrastructure Partners Inc. is hot to trot on its high-speed demolition of the former General Hospital . GIP 's purchase of the hapless structure from the city hasn't closed yet, delayed as land registry office staff dot the necessary 'i's and cross the 't's.
As SooToday reported last week, the city has agreed to sell the building for one dollar and other considerations to GIP, which plans a rapid demolition and redevelopment of the property. "When the sale closes, GIP will own the property and they were then to commence demolition as per their bid. City council will hold a special meeting on Tuesday to approve an agreement allowing that, while also shielding the city from potential multi-million-dollar liability if anything goes wrong.
"If the property were to sit dormant except for city crews doing maintenance and clean-up, no liability for third-party health and safety would be present. Should the city allow GIP to commence work without an agreement, it opens the city to liability," Shields says.
Green Infrastructure Partners Inc. GIP General Hospital Registry Office Property Certification Real Estate
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