New Westminster no longer owns a building that's belonged to the city for more than six decades.
Last July, the City of New Westminster invited proposals for the purchase and development of the land and building at 57 Sixth St. The city bought the Gyro Building in 1949 but deemed it to be surplus to the city's needs, after the Fraser Health Authority moved out of the building.
On Aug. 27, city council approved an offer from South Street Financial Corp. to buy the downtown property for $2.8 million.
"This is a mid-sized development company that has been involved in the acquisition and development of real estate throughout the Lower Mainland, Vancouver Island and Alberta since 1986," stated a staff report to council. "The company's primary focus is in developing medium-density residential and commercial properties. The company's most recent project in New Westminster is the Windsor Mews multi-family residential project in Queensborough."
According to the staff report, the sale is expected to yield $2.8 million, less commission and legal costs estimated at $85,000.
A request for proposals stated that the city "welcomes and encourages" proposals that include the joint development of the adjacent Ross property at 515, 527 and 529 Carnarvon St.
