Councillor addresses waterfront rumours

Rumours that some developers are abandoning the waterfront project are unfounded, says a city councillor.

Rumours began circulating around the city that private developers involved in the planned waterfront hotel stepped away from the project earlier this month. Coun. Mark Bentz said Wednesday that there’s no truth to that story.

"That’s simply not true," Bentz said. "What I’m being told is that the developers of the condos are working on the final design of the units right now. The developers are moving forward with this project and would start presales most likely this fall."

Bentz said developers were also looking at interested hotel chains and added that anyone would be happy to have a premier site like the marina.

The rumours about the Marina Park problems began after Mississauga-based developer First Gulf walked away from a proposed development project in the city’s Innova Business Park.

Rumours gained momentum after tbnewswatch.com learned that recent bids for a major part of the waterfront development project have come in over budget, which will force the city to look at options to reduce costs.

Waterfront project manager Katherine Dugmore said a pre-tender estimate for the significant waterfront contract was $12.75 million while the lowest bidder, Tom Jones Corporation, put the contract at $14.99 million, over $2 million above estimates.

Linda Rydholm said Wednesday that city council wouldn’t know what they could do to reduce the costs until they receive a report.

"Council has not been privy to these contracts and we do not have a report yet," Ryholm said. "I guess everyone expects the price tag to go up but the important part is to look at what you are getting for that money."
 
-- with files from Jamie Smith