City approves sale of Market Square for $3.3M
Deal will 'transform downtown Sudbury,' says councillor
The City of Greater Sudbury has sold Market Square to Laurentian University for 3.3 million dollars. The downtown property will be the home of the new school of architecture.
Laurentian had said it was willing to pay up to $3 million, but the property was assessed at $1.3 million. The university had already committed to giving the city $2 million towards building a new home for the market.
City council again called it a win-win, predicting the local farmers’ market will emerge from this deal stronger than ever.
And it predits, so will the downtown.
"What we are doing in this last few months is going to transform downtown Sudbury and I'm proud to be a part of it," said Councillor Dave Kilgour.
Two councillors oppose deal
Two councillors voted to block the sale — Terry Kett and Frances Caldarelli.
"The vast majority of the residents that have contacted me have said ‘don't sell that market,’" Caldarelli said.
"And I think you just have to listen to that majority view."
Caldarelli said many people are worried about parking and how it will now be even tougher to find a spot downtown.
But the property is being split, so the city holds on to 75 parking spots — spots that may come in handy for architecture students, when they head to their first classes in two years from now.
While the final amount is more than the university had planned to pay, Laurentian president Dominic Giroux said it is still cheaper than some of the other possible locations.
"The cost of that transaction is lower than the best alternative we had, so that's why we came forward with that option," he said.
Along with the Market Square building, Laurentian also now owns the historic CPR Telegraph building next door.