Former foundry fades

The demolition of the former Eastern Independent Telecommunications (EIT) building is not the beginning of an immediate new development, but a way to cut costs, a representative of its owner said Wednesday.

A high-hoe continued working on the demolition of the Henry Street building following the issuing of a demolition permit by city hall earlier this year.

The site, owned by Russian-American businessman Alexander Iliassov, was once intended to house a condominium tower. However, city planning director Maureen Pascoe Merkley said there are no planning applications for any other work besides the demolition.

The building was deemed to be such that they wish to remove it, said Pascoe Merkley.

Jim Paul, whose building firm is representing Iliassov on the demolition project, was also unaware of any other plans.

I dont know what his long-term intention is, said Paul.

For now, the only objective is to remove the vacant building and clear the lot, for economic reasons.

Its just the cost of heating ... and maintaining the building, added Paul.

Iliassov planned to demolish the building at some point anyway, he added.

The building right now probably would hamper anything for the future.

Read the original post:
Former foundry fades