The Estonian House Board regrets to announce that our partnership with Alterra Developments to build a new home for the Estonian Community at 958 Broadview has ended.
In the spring, Alterra and the Board signed an Agreement for Purchase and Sale that was to be the contractual backbone of our relationship through the entire redevelopment of our property. We always recognized that there were a number of risks throughout the project timelines, and a number of decision points at which the project could fail.
After the Board and Alterra signed the agreement there was a due diligence period before the agreement would become binding. It was during this period that an impasse emerged between the parties. Despite two deadline extensions and intense negotiations throughout the summer we were unable to resolve our differences. The Board concluded that negotiations with Alterra for moving past the due diligence phase would not produce an arrangement that adequately controlled project risks and expenses.
So what now?
The Estonian House Board will continue to focus on increasing revenues and serving the Estonian community, while holding operating costs in check and deferring non-urgent repairs. But these steps will not provide enough financial resources to address a growing list of maintenance and structural issues.
The Estonian House Board is exploring other promising options with the Estonian Foundation of Canada, which owns real estate next door, and the other community organizations. As our best alternative becomes more clearly defined, the Board will convene a town hall in the near future to put forward a recommendation to the shareholders and community.
While we are disappointed, we remain optimistic about the future of the Estonian House and the future of Toronto’s Estonian community. Many difficult decisions will have to be made over the coming years, but we are confident that whatever the outcome, Toronto’s Estonian community will emerge stronger and more energized than it has been in a generation.
Viimased kommentaarid
Kommentaarid on kirjutatud EWR lugejate poolt. Nende sisu ei pruugi ühtida EWR toimetuse seisukohtadega.
Guy Fawkes26 Oct 2016 16:24
Yes by all means JUMP
In case you haven't noticed almost all Estonian facilities and camps are in need of HUGHGGG financial support. Only place that isn't hemorrhaging money is Tartu College. 600 people for Christmas Party when and where was this accomplished?
Granted this problem has been abscessing for 7 plus decades, but jumping will only worsen a bad situation.
Let's get it done26 Oct 2016 12:44
The solution is simple. We either keep the house as is, or build new. It has become clear that "build new" at the present location is not an option, due to various restrictions.
Wake up, Estonians! Money makes the world go 'round. Let's get the pot of money together (we have middle class and wealthy Estonians who can squeeze out $5,000, $10,000 and much, much more) to create the nest egg. Pick a spot with subway access, this is crucial.
We do not have to be tied to the present Estonian House property, if it is chocking our community. What are the options of purchasing land for this purpose around the Latvian House? They have a LRT system being built nearby.
Build something of which we can be proud (a centre and condo with decent sized apartments, please -- it would be great to get an Estonian seniors residence alongside).
We have masses of intelligent and skilled people to pull this off -- please get off the sidelines and think of your community. The community is not dead yet, in fact the kindergarten population has had a boom recently. We have a huge population of people who consider themselves Estonian in the Toronto area – they apparently don’t think much of our present Estonian House, if they are not using it. Create a profitable business model for the new Estonian centre to sustain it into the future. We want a building where people will want to come and pay for their big events, such as weddings.
And talk of the whole community moving into Tartu College is short-sighted. How are you going to have a 600 person Christmas event there? There is not enough space to fit us all there. No parking worth mentioning for a huge community event.
Why do we not have a dynamic professional fundraising expert in place to get individual community member and government money in place for the new Estonian house project (Trillium Foundation, etc.)?? I’m tired of hearing that there’s no money to build what we want.
People, let's jump in and get this done! Time to stop "tire-kicking" and buy the car of our dreams.
Anonymous25 Oct 2016 11:02
Quo vadis Estonian culture in Canada
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