"There is absolutely nothing going on there," he said.

The plan was to build a condominium and commercial development, which included close to 80 units and was to house Shoppers Drug Mart and the Bank of Montreal.

However, the Heritage Impact Assessment for the property was repealed, as the proposed six-storey building was not deemed suitable for the heritage district.

A five-storey development was approved, but because of the delay and sluggish economy, sales dropped and the development was put on the shelf. Assaff said the leases for the commercial space also expired.

Assaff said the original building would have been built in the summer of 2007, if things were approved.

"It was beautiful," he said. "It's extremely disappointing. It's a terrible situation."

He said the building would have added $750,000 in tax revenue into municipal coffers and would have created more jobs.