Monday, April 22, 2024
HomeContractorsLedo Hotel demolition starts as downtown Sudbury redevelopment plan continues

Ledo Hotel demolition starts as downtown Sudbury redevelopment plan continues

 

Ontario Construction News staff writer

Demolition of the former Ledo Hotel in downtown Sudbury started Monday and is expected to take four weeks to complete.

The property is one of a several acquired by the city for redevelopment in the downtown south district. The historic investment is an important step as council considers a new build or a refurbished arena in the downtown.

Preparations to ready the site are currently underway.

To divert waste from the landfill, materials from the demolition will be segregated during the demolition process and placed in separate bins to maximize recycling.

The demolition of surrounding buildings in the same block will follow soon after the completion of the Ledo site. Checks of the vacant buildings are being carried out regularly to ensure they are not being occupied.

Properties acquired to date cost about $12 million, funded through the previously borrowed Event Centre capital funds.

In 2019, low-interest rate environments provided an opportunity for Sudbury to borrow for specific projects – including the Arena/Events Centre and Junction East/West – in advance of construction in order to secure a very favourable rate.

Council directed staff to secure debt up to $200 million in order to take advantage of the low-interest environment. $90 million of that was earmarked as Arena/Event Centre capital funds. Under the terms of the loan, these funds must be directed to capital projects of 30 years or more.

Choices about specific future land uses will be subject to further consideration through an updated downtown master plan.

More information about downtown redevelopment is available online.

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