How much is Long Wharf worth?

According to the Telegraph Journal the ILA believes Long Wharf is worth $58 million. That's $58,000,000. Here's how the TJ says this conclusion was reached:

The longshoremen's association commissioned appraisal for Long Wharf that found
the property and all infrastructure is worth about $58 million. The appraisal
was done by O'Halloran Campbell Consultants Ltd. The consultant's report was
dated Sept. 24.

My first thought is this: O'Halloran Campbell Consultants Ltd. is not an appraisal company. Their website shows that they are involved in wharf and marine construction consultants. From this I conclude that OCCL likely didn't provide an appraisal of what Long Wharf is "worth" so much as they provided an opinion as to what it would cost to replace Long Wharf.

If the $58 million estimate is indeed a replacement cost, one has to wonder - would someone pay this to replace Long Wharf? My opinion is no; the port has had difficulty generating income from Long Wharf, so they would not likely pay $58 million to build such infrastructure.

I don't know if what Irving Oil is offering the Port is the best deal the port could get - but I do doubt the port would be able to earn $58 million from another use.

Pat Riley brought up another argument heard before: the port could make more money renting Long Wharf as a parking lot. This doesn't pass my smell test. I do not think the city's uptown demands enough additional parking to earn "$200,000 a year" as is suggested by the ILA's agent Pat Riley. This equates to $16,667 per month. At $80 per spot, with no vacancies the port would have to rent 208 parking spaces. I don't think this many spots could be filled this far from the majority of the uptown office buildings. If the port wanted to make the parking lot more appealing they might have to reduced prices to be cheaper than Parking Commission lots closer to uptown employers. If they charge $65 per spot (again no vacancy) they would have to rent 256 parking spaces to achieve this income.

I think the ILA needs to represent its members, and if they think the membership will be better off for this opposition, they should keep up the fight. However, if the ILA insists on making "business arguments" to mount their opposition, I think they really have to make more solid arguments.