After shopping the property since 2022, the YMCA has decided not to sell its marquee building on Argyle Avenue after it became clear the site would not fetch the organization’s desired asking price. The YMCA will remain in the downtown landmark, which was built in 1969, for at least the next five years, the organization […]
After shopping the property since 2022, the YMCA has decided not to sell its marquee building on Argyle Avenue after it became clear the site would not fetch the organization’s desired asking price.
The YMCA will remain in the downtown landmark, which was built in 1969, for at least the next five years, the organization announced on Wednesday.
Trevor McAlmont, the president and CEO of the YMCA National Capital Region, said the organization talked to “a few developers” that were interested in buying the property but couldn’t reach a deal.
McAlmont said the Taggart Family YMCA building, which sits on about 1.6 acres of prime downtown real estate, had an assessed value in the “high 30 millions” of dollars several years ago.
However, he said changing market conditions had reduced the site’s value to the $20-million range by last year as costs associated with razing the aging building and putting up a new one in its place had soared since the pandemic.
“Demolition costs went through the roof,” McAlmont said. “Even zoning costs were very, very high. Those were all the things that were limiting (potential buyers) from confirming a purchase. Clearly, the market affected the value and sale price of the building.”
The downtown Y provides services such as a health, fitness and aquatics centre and a daycare facility as well as training and employment services for newcomers. The YMCA’s Shenkman Residence, which is attached to the building, provides transitional housing for about 250 people.
McAlmont said the Taggart location currently serves more than 3,000 people a year.
A registered charity, the YMCA National Capital Region receives funding from individual donors as well as all three levels of government.
When the Y put the property up for sale more than two years ago, it said the building required about $38 million worth of infrastructure upgrades. McAlmont said the organization will seek new funding to help pay for improvements such as a modern HVAC system and roof repairs.
“The building itself is solid, but like any building that’s 50 years old, it does need touch-ups,” he said.
As the organization embarks on a new five-year strategic plan, it is exploring new ways of using the building to offer even more services to those who need them, McAlmont said.
“We want to stay in Centretown addressing those essential needs as we’ve always done. This is our commitment, to be there for at least the next five years and beyond if possible.” 
