If Peterborough is looking for big and bold, building a replacement for the Memorial Centre on the Market Plaza site would be the biggest, boldest statement of all.

Biggest in terms of cost because it would mean buying the prime piece of George St. property.

Biggest in terms of impact and vision for several reasons:

. The site is directly across George Street from the city-owned marina, Del Crary Park and Art Gallery of Peterborough. Massing all four together would create an impressive swath of public space fronting on Little Lake.

. A developer is proposing new housing to the south, including waterfront condominiums. An arena and entertainment centre would accelerate the rebirth of the southern part of downtown Peterborough.

. It would remove the city's soon-to-be-surplus public works yard from consideration as an arena site. That property, immediately north of Market Plaza, could be sold for some other form of new development enhancing both the waterfront and downtown.

Discussion about replacing the aging Memorial Centre became serious a year ago when a consulting firm was hired to report on whether it was still viable as a home for the Peterborough Petes and Lakers and the primary venue for large concerts and trade shows.

The consultants advised that the Mem Centre no longer makes the grade.

Market Plaza was considered as a replacement location but didn't qualify for a short list of six sites.

However, when that report became public, then-Coun. Diane Therrien said she thought the Market Plaza site was the best option and deserved a second look. Therrien has since been elected mayor and city staff have recommended adding it to the short list.

The concern for some is that first notation on the "bigger and bolder" list - cost. Some of the shortlisted sites are already owned by the city. Market Plaza would have to be purchased.

Former mayor Daryl Bennett saw the property as a future high-density, residential and commercial redevelopment next to an arena, hotel and convention centre on the city's public works site.

Bennett put the Market Plaza price tag at $50 million. That might be high but somewhere in the tens of millions is certainly realistic.

Given the $85-million estimated construction cost of an arena/entertainment centre, any major additional cost will make council nervous.

But other considerations work in favour of Market Plaza.

The only other site both large enough to comfortably fit the project and central enough to have a boosting effect the downtown is the public works yard. To make that site work the city would have to buy a strip mall on George St., and design around the CPR railway track that bisects it.

Instead, money from selling the works yard could go toward purchase of the Market Plaza site.

Then there is the list of benefits cited above. And the Market Plaza property is big enough to allow for a hotel or other add-on development.

Market Plaza isn't a slam dunk as the best option. However, it certainly deserves further study.

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The consultants will be doing that study regardless. During budget talks this week council was to consider adding Market Plaza to the list.

Building a Memorial Centre replacement downtown would be a big, bold move. The door to the biggest, boldest option of all needs to be left open.