Following the sale of the historic Lyceum Building at 12-22 Cumberland St N, the purchaser of the historic building has agreed to rehabilitate the structure.
“This agreement shows that the City is serious about preserving our history and historical buildings, properties and sites,” said Councillor Larry Hebert, a member of the City’s Heritage Advisory Committee. “It is great we have found a buyer who will restore the building. Our committee certainly supports the City’s efforts to find a new use for this building.”
The City has entered into an agreement to sell the Lyceum Building – which was constructed in 1909 – to 2426434 Ontario Ltd. for the fair market value of $20,000. The City took possession of the Lyceum Building earlier this year, after an attempt to sell it through a tax sale tender failed to find a buyer.
“Since this is a historic building, the City had been seeking a buyer who is interested in restoring the building,” said Joel DePeuter, Manager – Realty Services. “We are pleased that this agreement has been reached.”
The purchaser has agreed to meet construction milestones as it works to rehabilitate the Lyceum Building.