Valente Property is no longer seeking help from the city to invest in the former Hiram Walker Power Company Building.
Valente applied for a grant under the Brownfield Redevelopment Community Improvement Plan but withdrew the application because the tentative agreement with the seller was terminated.
"I'm disappointed but I'm not giving up hope," says Ward Four Councillor Chris Holt. "It's a beautiful building and something will happen with it soon. I'm sure of it."
Holt says he'll reach out to the developer to see if the city can help the deal move forward.
The four storey building on the corner of Devonshire Rd. and Riverside Dr. E was built in 1911 and has an extensive industrial past. It's stood empty for many years as cleanup and rehabilitation of the site is expected to be costly.
"We've had two or three developers express interest in it recently so maybe it just needs another little nudge and we haven't given up on it, we're going to work on it," says Holt.