The warehouse was demolished in 2015 and the federal government declared the land surplus. As well, the city saved $2 million by buying the land "as is," meaning the municipality is responsible for any future soil clean-up. All in all, PSPC knocked $14 million off the price, leaving the city with a price tag of $11 million. The land itself isn't earmarked for housing, but the city convinced CMHC that it would be used to support the affordable housing in Gladstone Village. Taking various taxes and fees into account, that leaves the city $2.87 million to pay.

Source: CBC News March 03, 2021 01:59 UTC