Quote:
Originally Posted by J pold
It could be. Right now Opus is struggling in leasing up Britannia Crossing, mostly because their rental expectations are way out of whack but I do see some long term potential for the area. One of the problems associated with development is the environment remediation on both of the Windsor and Britannia sites. One used to be a gas station and the other used to be a dry cleaner. Both require a ton of remediation work to pass environmental reports as part of their DP. These cost are ultimately passed onto the tenant through the building operating costs.
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Unless the developer can recover these costs through increased base rents. Any decent real estate lawyer reviewing the lease for a tenant will ensure that costs of environmental remediation are excluded from operating costs.