The executive director of 10C Shared Space in the former Acker’s Furniture building says she hopes bonds will be sold out by the time the building is fully renovated, now scheduled for late October.
Julia Grady, co-founder executive director of the 10C project, said it are about $180,000 short of its $1.35-million goal to complete project financing during a come and go open house Friday.
"Construction is finishing, so we're working on finishing bonds in line with construction finishing," said Grady.
The first and second floors at the building on 42 Carden have been occupied since July and Grady said the third floor will be ready for occupancy by the end of next week.
The elevator is still awaiting final inspection, and the fourth floor is still a work in progress.
Friday’s open house offered bond investor Art Kilgour his first look at the building since the earlier in the summer, when the the building was in a less-finished state.
"Like any construction project, nothing seems to happen for about a year and then everything happens in the last month or two, so I am happy to be seeing the nearly-finished 10C," said Kilgour.
The Series E and F bonds available to purchase earn a three or four per cent return, which Kilgour said was very attractive — as was the prospect of helping 10C realize their vision.
"It's a really innovative concept, there's nothing to compare it to, really," said Kilgour.
10C is a mix of private offices and open-concept public co-working spaces. As the project approaches completion, Grady said it is reaching full occupancy.
Guelph Arts Council, Guelph Dance, Local Immigration Partnership, Chalmers Community Services Centre, The Neighbourhood Support Coalition and Out On the Shelf are among the occupants who have moved in or are expected to be doing so shortly.
"It's just a really great mix of not-for-profit and social purpose businesses," said Grady.
The renovation was a complete gut job — the exterior walls, floors and tin are most of what remains from the building purchased by the not-for-profit organization in 2016.
"It hadn't been touched in about 80 years. There was a fire in the 1950s next door. The facades had been done, but everything else I would call original — which led to some challenges," said Grady.
Basement excavation, roof work and a more complicated than expected elevator installation contributed to the delays in the project.
"It's behind schedule, but they have moved mountains," said Kilgour.
