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Wal-Mart targets 2010 opening, still looking for break on DCsPosted November 13, 2008Had SmartCentres followed its best case scenario schedule, Wal-Mart would be preparing to open in January 2009, as the Ontario Municipal Board permitted. Instead, the world's largest retailer is now targetting a January 2010 opening, with construction tagged to start next spring. "We have had some issues with increased Development Charges with the Town which we are hoping to resolve within the next few months in order for construction of the Wal-Mart to start by Spring/2009," according to an email from Heather Knox, a leasing manager with SmartCentres. "We are currently finalizing leases with fashion, restaurant and smaller service/retail tenants for Spring/2010 openings." New Tecumseth's development charges for this category were $144 per sq. m. of gross floor space. The Wal-Mart planned for Alliston is 15,979 sq/m (172,000 sq/ft) and would have cost SmartCentres $2.3 million in DCs had construction commenced as originally planned. Under the revised rate schedule approved by council Sept. 8, the Town's DCs for commercial are now $218 per sq/m. Because SmartCentres has not yet applied for building permits, they're bound by the new rates, which if built out to the OMB approved 37,160 sq/m (400,000 sq/ft), their DCs would climb to $8.1 million, an increase of $2.7 million. The Wal-Mart on its own will cost $3.48 million, an increase of $1.18 million. |
 
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