184 replies to this topic

[Victoria Watcher]

Again, if it’s got high quality long term well paying tenants, a private buyer would have bought it.

In fact we heard two days ago that the Society ended a couple leases, then now we hear the City bought it, without those tenancies.

Edited by Victoria Watcher, 18 March 2024 - 01:18 PM.

[Ismo07]

Again, if it’s got high quality long term well paying tenants, a private buyer would have bought it.

In fact we heard two days ago that the Society ended a couple leases, then now we hear the City bought it, without those tenancies.

 

I thought only the upstairs has no lease?

[Victoria Watcher]

Hermann's Upstairs to close this month as operators end lease

Hermann’s Upstairs, along with Hermann’s Lounge, will cease operations on March 31, after the Arts on View Society ended its upper-floor leases


https://www.timescol...d-lease-8435765


The operators of Hermann’s Jazz Club are closing two of its other live venues at the end of the month.

The Arts on View Society says it is ending its second and third-floor lease with the estate of the late Hermann Nieweler to focus on Hermann’s Jazz Club and the View Street Social pub, which are both located in the same building.

Edited by Victoria Watcher, 18 March 2024 - 01:24 PM.

[Ismo07]

Hermann's Upstairs to close this month as operators end lease

Hermann’s Upstairs, along with Hermann’s Lounge, will cease operations on March 31, after the Arts on View Society ended its upper-floor leases


https://www.timescol...d-lease-8435765


The operators of Hermann’s Jazz Club are closing two of its other live venues at the end of the month.

The Arts on View Society says it is ending its second and third-floor lease with the estate of the late Hermann Nieweler to focus on Hermann’s Jazz Club and the View Street Social pub, which are both located in the same building.

 

Ah I just assumed the 2nd and 3rd floors were the same lease...  Main floor Hermann's and Social pub remain...  So there are actually 4 leases in that building?

 

I do think they are together as one lease.

Edited by Ismo07, 18 March 2024 - 01:35 PM.

[Nparker]

I suspect that the City will lease the space at very favourable rates...

Translation: more of my tax dollars down the drain to prop up a money losing venture. 😠

[Victoria Watcher]

I think we should support - and yes with some of our tax dollars occasionally - some events and festivals.

The Jazz Fest is good. More shoulder season stuff should occur here, I think we punch well below our weight for events.

But I’m not convinced buying this building is crucial to the Jazz Fest continuing.

[Nparker]

Any indication this won’t be a good investment over the next 20 years?

It's from the folks who brought us a $5000 ping-pong table and musical handrails in a parkade. How could it NOT be a success? 🙄

[Harry]

what was the value on the building? Did the city over pay?

[AllseeingEye]

Don't know the assessed value but Global News says the CoV ponied up four million dineros for the place......

[Victoria Watcher]

ffs.

[Ismo07]

Listed for more in 2019… Doesn’t mean much I suppose..

[Nparker]

[Victoria Watcher]

The City of Victoria has dipped into its land acquisition fund to buy Hermann’s Jazz Club in an aim to keep live music sounding from the celebrated downtown venue.

 

The city on Monday (March 18) announced it paid $3.95 million for the building and business assets of Hermann’s and View Street Social, calling them an iconic downtown performance hub.

 

https://www.goldstre...owntown-7330896

 

 

 

 

 

 

 

The City of Victoria is getting into the live music business after shelling out nearly $4 million to buy the Hermann's Jazz Club building, home to one of the longest-running jazz clubs in the country.

 

The announcement came just days after the club's non-profit operator, the Arts on View Society, announced it would no longer lease and operate the club's upper floor Hermann's Upstairs lounge by the end of the month due to financial pressures.

 

Victoria spokesperson Colleen Mycroft issued a media release Monday announcing the city had purchased the View Street building and the businesses operating within it, which also includes the View Street Social pub.

 

"This purchase demonstrates council's commitment to preserving and investing in music spaces downtown as reflected in our 2023-2026 strategic plan," Victoria Mayor Marianne Alto said in the release.

 

https://bc.ctvnews.c...or-4m-1.6812485

 

 

 

 

 

 

 

The City of Victoria has bought the building that Hermann’s Jazz Club and the View Street Social operates out of for $3.95 million.

 

“This purchase demonstrates Council’s commitment to preserving and investing in music spaces downtown as reflected in our 2023-2026 Strategic Plan,” said Mayor Marianne Alto.

 

“This venue’s importance was also identified during development of the Victoria Music Strategy, and I hope it will continue to contribute to Victoria’s vibrant arts and culture scene for years to come.”

 

This announcement comes just days after Hermann’s made the announcement that Hermann’s Upstairs would be closing permanently as of March 31.

 

https://www.cheknews...dustry-1195664/

Edited by Victoria Watcher, 18 March 2024 - 04:58 PM.

[Nparker]

...The City of Victoria is getting into the live music business...

The way cities do. 

[Ismo07]

Screenshot 2024-03-18 174605.png

Can we agree that assessments are low compared to sales price? Is that still the case?

[Ismo07]

The way cities do.

Isn’t it really into real estate? Sure the intent is to save venues but end of day that is an increasing property no?

[Nparker]

Can we agree that assessments are low compared to sales price? Is that still the case?

Aside from the fact that the CoV should NEVER have spent tax money on something like this, they certainly shouldn't have paid over assessment. Was the property ever offered on the open market?

[Ismo07]

Aside from the fact that the CoV should NEVER have spent tax money on something like this, they certainly shouldn't have paid over assessment. Was the property ever offered on the open market?

Yes in 2019 went for sale before Covid.. you can see the listing on this thread… you can pay assessment in Victoria for many properties… at least it’s been like that for years…

There is a reserve for land purchase… like I said not the first, not likely the last…

Edited by Ismo07, 18 March 2024 - 05:14 PM.

[lanforod]

This purchase is waaaay better than the Romeos one just to make it a park.

[Nparker]

Neither are good or responsible uses of taxpayer dollars, especially in an era of increasing taxation. At best,the Hermann's purchase is the lesser of two evils.