TIMMINS - A historic building ravaged by fire last year is on the market.
The Empire Complex on the southwest corner of Spruce Street and Algonquin Boulevard is up for sale. It has a $6 million price tag.
Land registry documents for the property show that the Cochrane District Services Board (CDSB) is owed nearly $1.1 million, the result of two "contributions” for affordable housing made to previous owners of the building.
Nearly a year ago — on March 23, 2024 — a fire broke out in the building and burned for days. A million gallons of water was used before the blaze was finally extinguished on March 25. About 100 people were displaced by the fire, which was deemed accidental.
The realtor.ca listing says the 84-unit complex's previous setup had 70 one-bedroom apartments, seven two-bedroom apartments and seven bachelor units, and that a professional remediation company has completely stripped down the building.
The listing also includes a rare requirement — signing a confidentiality agreement for more documentation.
British Columbia-based Freedom 40 Property Investments Inc. owns the building, which it purchased for $7.275 million in May 2023. Land registry records show that same day the deal closed, the company took out a $6.9 million mortgage from Computershare Trust Company of Canada, with monthly payments of $11,402.
The money owed to CDSB dates back much earlier.
Then known as the Cochrane District Social Services Administration Board (CDSSAB), the agency is tied to two mortgages on the property — a $784,000 loan to Northern Construction (Timmins) Ltd. in January 2010, and a $300,000 loan to Spruce Street Properties Inc. in December 2015.
The funding sources are the provincial affordable housing program and the investment housing program, says the CDSB.
The programs give money to property owners to create or renovate housing units that are then designated for specific affordable housing rates, the organization explained.
“If a property changes ownership, which sometimes does occur, the new owners would either assume the terms of the agreement or return the funding amount, as outlined by the provincial funding requirements. In the event those dollars are returned, they would be reinvested into the creation of affordable housing units through those programs,” said the CDSB in an email.
RELATED: The Empire building has seen a lot of Timmins' history file by its doors
The Empire has been a fixture on the corner of Spruce Street and Algonquin since the 1920s.
It opened in 1925 and later became the Empire Complex, operating as an apartment building.