As a heritage site, EM can't be demolished and, therefore, its value is depreciated. This has serious implications for financing a new EM.

EM has been declared a valuable hereitage site.
How will that constrain what can be done with it.

The MP is speaking from a developer’s perspective when he says a demolition is less expensive than preserving something, within a developer’s real estate project. “This building” was purchased for the non-profit community activity that surrounds the interview, and has viable options.