Joseph Howe Building to be Sold

The Joseph Howe Building is being sold to Universal Realty Limited.

The province issued a tender to sell after determining that was the most cost-effective option for taxpayers.

"Taxpayers have invested enough in this building, it's time to move forward," said Bill Estabrooks, Minister of Transportation and Infrastructure Renewal. "After careful consideration, we have determined that selling rather than renovating is, by far, the best option."

Universal Realty Limited will pay $14,976,000 with a commitment to the Department of Justice for a 10-year lease starting Oct. 1, 2014.

The building will be turned over to Universal Realty Limited after the province assumes ownership in 2012.

The province has also awarded three tenders for rental space -- Health, the Securities Commission, Legislative TV and Legislative Counsel offices -- to Crombie Developments Limited. Crombie was the lowest bidder on all three tenders. These leases will begin Sept. 1, 2012.

Tenders will be issued for other smaller departments in the building over the next several months.