ESQUIMALT – The Esquimalt Chamber has congratulated their Township’s Mayor and Council for taking a major step towards redevelopment of the downtown core with its announcement that it has signed a Memorandum of Understanding (MOU) that will allow work to commence on the long-promised Esquimalt Village Project.
The MOU is with Aragon Investments Ltd, which also recently unveiled plans to redevelop the English Inn.
“We are pleased to see that Council has chosen to work with a developer that is invested in our community and has demonstrated an understanding for the type of development Esquimalt needs and wants,” said Chamber President, Bill Lang. “The inclusion of an “Art Walk” with public art purchased by Aragon at a cost of up to $300,000 is evidence of the commitment this developer has to enriching the cultural well-being of Esquimalt.”
While Lang applauds this first step, he remains concerned about the details of the project. “In business the bottom line matters and at this point we have no idea what’s in the MOU, including how much money the Township will receive for the property or what costs local taxpayers might be asked to pick up.” In addition Lang notes an anchor tenant has yet to be secured for the project, as it appears no lease agreement has been finalized with the Justice Institute – long purported to be the main tenant.
“This announcement is promising for the economic revitalization of our downtown core but without all the details the Chamber is not able to give its unqualified support,” concludes Lang. “Hopefully, once Council comes down from the initial high of finally making an announcement on this seven year old promise, it will provide us all with the numbers to support the project.”
In the meantime Lang and the entire Chamber are optimistic that this announcement will be the catalyst for redevelopment of other Esquimalt properties such as the Cambie, West Bay triangle lands, the Tudor House property and the Legion site.
– For more information contact: Bill Lang, Esquimalt Chamber President at 250.386.3456.
