On Sept. 30, it will have been 10 years since the Surrey Farmer's Market shut down, and the southeast corner of King George Highway and 64 Avenue has sat in a state of decay.

The only signs of activity on the graffiti-scrawled building are the homeless who come and go late at night.

There was a time the building was much more.

Prior to the market's opening in 1993, an old barn housed several merchants and farmers selling their wares and produce. By all accounts, they were extremely successful.

Investor Victor Newman felt if those few kiosks were so efficient, a larger facility would be better. For about two years that was the case.

The market offered five-year leases to the tenants, but the shoppers dwindled and the $100 per square foot rent became untenable. Many operators walked away from their lease agreement.

Walter Chan took over the facility from Newman in the mid-1990s.

Chan is a Calgary investor and president of Smitty's Restaurants Canada.

On Sept. 30, 1998, the market shut down for good.

The property has been dormant for the past decade, with the homeless taking up residence. A for sale sign has become familiar fixture at the corner of 64 Avenue and King George Highway.

Several investors have come to look, but turned away, primarily for one reason.

The market was built on top of a stream, a tributary of Hyland Creek, which runs into the Serpentine River.

Provincial regulations have changed, and significant setbacks from the creek would be required on the five-acre property for reconstruction to take place.

One builder told The Leader there is about two acres of developable land on the site, making it a questionable investment. Rats have gnawed through wiring inside the building which some say needs about $4 million in repairs.

The 7.7-acre property is assessed at just over $4 million.

Surrey Mayor Dianne Watts is tired of the visual blight and wants the developer to bring forward a development proposal.

She said the city would be willing to entertain variances and zoning changes to get something done with property.

"It's extremely frustrating, because it's an eyesore for the whole community," Watts said. "That's a key corner."

She said it would make a great seniors' residence.

"You give higher density and use the creek as part of the development."

However, the city hasn't seen any proposals for the property in a decade.

Coun. Linda Hepner, former manager of the city's economic development, is also tired of looking at the abandoned building.

She wants staff to begin using the city's unkempt property bylaw to fine the owner.

Ultimately, she would like to see the building torn down.

kdiakiw@surreyleader.com