News Article: Devcore is willing

[Rand0m]

To me it’s pretty clear, Melnyk expected someone else to pay for most/all of the arena wjile ratining ownership of the building. When that fell through (eg: the City saying no $$$) he focused on a token issue that he could then use to back out of the whole thing since he doesn’t actually have any money to build an arena.

Although, nothing Melnyk does makes any sense, so who really knows.

 

[Silencio]

This shit is like Game of Thrones

 

[BankStreetParade]

To me it’s pretty clear, Melnyk expected someone else to pay for most/all of the arena wjile ratining ownership of the building. When that fell through (eg: the City saying no $$$) he focused on a token issue that he could then use to back out of the whole thing since he doesn’t actually have any money to build an arena.

Although, nothing Melnyk does makes any sense, so who really knows.

I highly, highly doubt the NCC approved anything without at least some semblance of due diligence when it came to the financing of the project. They're morons but they're not that dumb.

 

[Nac Mac Feegle]

Or think about it the other way...Ruddy is losing out on 50% as well, and he is smart enough to know he was pushing Melnyk over the edge. It was literally spelled out to him in the summer. What makes a developer let go of the largest dev project of his career, in a once in a lifetime location, in his home city?

I find it very hard to believe that the line in the sand was over the money involved to cover slow sales due to 900.

At the same time, the Devcore proposal has way less condos, which makes Ruddys other condos and that 3-building proposal suddenly worth so much more. Plus whatever other developments he might have going around downtown and the LRT route.

Hell, for all we know, maybe Ruddy knew the partnership with Melynk would fall through and just used the whole thing to prop up the other condos from day 1. At this point, anything is possible.

All I know for sure, is Melynk absolutely needs a downtown arena to remain viable, while Devcore and Ruddy both have other businesses that are making bank.

 

[AchtzehnBaby]

Melnyk wins lawsuit and builds $700m arena in allotted space.

(NCC Later finds out this was planned behind closed doors and sue Melnyk for fraud)

 

[NorthCoast]

Care to elaborate? Lol

Well, if someone has a plausible answer that doesn't involve EM I would love to hear it. Seriously thought.

Ruddy held his price because he though Melnyk was bluffing and maybe could not afford not to do it. - Maybe, but unlikely.
Ruddy held his price because any less and he wouldn't make money...but continued to increase at his other unit, so this one is hard to understand. - Don't think so.
Ruddy held his price because he knew Melnyk wouldn't go for it, and he was fine with that. - Ding. Ding. Ding. Ding.

 

[Rand0m]

I highly, highly doubt the NCC approved anything without at least some semblance of due diligence when it came to the financing of the project. They're morons but they're not that dumb.

Yet here we are...

 

[Knave]

Devcore is just pulling PR and hoping it will help them with the NCC.

I don't mind. Just hold them to building the arena and making a good development to expand downtown westward.

 

[JungleBeat]

 

[IpsoPostFacto]

This **** is like Game of Thrones

Chaos is a ladder

 

[FlyingJ]

I highly, highly doubt the NCC approved anything without at least some semblance of due diligence when it came to the financing of the project. They're morons but they're not that dumb.

That's the thing: if financial backing had been a major factor, wouldn't the inclusion of Desmarais and Laliberte with Devcore tipped e scales in their favour in the first place given how much more capital they have than Eugene?

 

[IpsoPostFacto]

"National Business Loves Making Money, Informs City It Will Gladly Assume Responsibility That Will Make Them A Lot Of Money."

I mean... of course they want back in. That's not surprising at all. This development is going to make a lot of wealthy people even wealthier than they already are.

I'm curious if:
1) NCC is willing to re-visit the original Devcore proposal before re-opening the bidding process again
2) Melnyk tries to wiggle the Sens into that original proposal (which, remember, had an arena) if there's the chance that the NCC just slides the Devcore plan into the "default winner" bracket of the process and start negotiations without a new competition.

It's good news, of course. Now we just need to see how the NCC & City react. Ball is in their court.

Well, the original plan, and restated in the news release is that they would reserve a portion of the land for the building of a rink. don't know what that means - i.e. who pays for that - but, it's a first step.

 

[MisterMethos]

The only thing I worry about is that the NHL BoG do not like outsiders trying to force their way in (see Balsillie). They're very much an old boys club. While I can't imagine they like Eugene much, he did at least go through the proper channels of buying a team that was publicly up for sale.

I desperately want this to go in Devcore's favour as it would likely force Melnyk to sell while keeping the team here, I just worry about said old boys club's reaction.

If Desmarais is involved, it may not be a problem. I recall he being friendly with many of them, including Bettman, who I believe has courted Desmarais in the past.

 

[BankStreetParade]

That's the thing: if financial backing had been a major factor, wouldn't the inclusion of Desmarais and Laliberte with Devcore tipped e scales in their favour in the first place given how much more capital they have than Eugene?

Financial capability is about the capacity to fund the different phases of the project at the appropriate times. It's not a literal dollar count of your bank account.

The NCC would have done some kind of due diligence throughout the process to ensure that all the competing bids are capable of funding their projects.

 

[DrEasy]

Was a new public library also part of Devcore's initial project? I don't care about a bunch of fake museums, but a new library that we're not ashamed of, now that's important to me.

In other words, is it possible that they tell Devcore: sure you get the contract, but as long as you execute what was awarded to Melnyk.

 

[FlyingJ]

Was a new public library also part of Devcore's initial project? I don't care about a bunch of fake museums, but a new library that we're not ashamed of, now that's important to me.

In other words, is it possible that they tell Devcore: sure you get the contract, but as long as you execute what was awarded to Melnyk.

IIRC, like RendezVous, they put the library on an open parcel of land adjacent to the Flats, but not actually on the portion the NCC was offering.

 

[RyCam]

RVL had their chance and blew it in a spectacular fashion(though I don't think anyone should be surprised since Melnyk was a part of that consortium), I'm all in on Devcore, they had a great proposal and they deserve the right to develop Lebreton.

 

[Sun God Nika]

#MelnykOut Maybe dreams do come true.

 

[coladin]

OK now ditch that stupid car museum and we're game.

I like the car museum???

 

[Korpse]

Devcore is just pulling PR and hoping it will help them with the NCC.

Late on a Sunday night with NHL BoG meetings in the morning, I think it’s bigger than the NCC to he’s honest.

 

[coladin]

That's my big issue with Devcore's proposal: it's much too theme park like. I would imagine the NCC would ask them to rework the bid to be more community based while removing things like the aquarium and car museum. The beer museum I could actually see working.

It makes Lebreton an attraction. Seriously, though, too many condos as it is planned. If they have the cash, let them blow it.

 

[FlyingJ]

It makes Lebreton an attraction. Seriously, though, too many condos as it is planned. If they have the cash, let them blow it.

The problem is that making is sustainable would require a drastic increase in Ottawa's tourism, which isn't going to happen enough from this development. Hence why the NCC valued building an actual community on the Flats.

And again, it's been shown that the complaints about too many condos have massive holes, especially if you're budgeting for those condos to be built over a 10-20 year span, unlike Euge who was likely banking on immediate sales...

 

[FlyingJ]

Late on a Sunday night with NHL BoG meetings in the morning, I think it’s bigger than the NCC to he’s honest.

Yep. And they're basically shouting from the rooftops that they'll keep the team in Ottawa so as not to weaken the NHL by suggesting that a market the league has invested decades in isn't viable.

I still have questions about how the BoG will react to such a blatant powerplay, but hey, hope for the best, brace for the worst.

 

[DrEasy]

I like the car museum???

Hey I like cars too, but putting it in Ottawa is tacky because Ottawa doesn't have any meaningful connection to cars or the history of cars. Stuttgart, Maranello, sure. They should put one where whatever the GM plant they're going to close is.

 

[TheNewEra]

Yep. And they're basically shouting from the rooftops that they'll keep the team in Ottawa so as not to weaken the NHL by suggesting that a market the league has invested decades in isn't viable.

I still have questions about how the BoG will react to such a blatant powerplay, but hey, hope for the best, brace for the worst.

at this stage the worst would be keeping melnyk as our owner and whatever stupidity this franchise does next to make the news