Photo from CBC
I’d heard rumours throughout the day, but it had yet to be verified. Late this evening, news reports confirmed the rumours that indeed work on the Ritz-Carlton (a proposed 60 story condo development across the street from the Shangri-La) had been halted.
According to the news reports from CBC and CTV, the developer is halting construction because of redesign considerations (most notably on the parkade), and not because of the financial crisis that is having global repercussions. If construction truly is being momentarily paused, it’s interesting that the advertising put up by the condo marketing company has all been removed.
The positive spin on this news is that the people that bought into this project might have their money freed up to purchase elsewhere in the city. For instance, may high-end homes will soon be coming up at the Shangri-La. However, given that the developer is calling this only a “pause” in construction I wonder how quickly their deposits will be returned.
The project marketer says that 50 percent of the project had been presold. The hotel was to occupy the lower floors and there were to be 123 high end condo units on the upper floors from $2.5 million – $10 million and the penthouse at $28 million. Prices were up to $2,000/sq ft.
Another Holborn project, The Hills, is also “delayed” until the new year. This project is to be located at Nanaimo and Broadway with 280 units in a high-rise and mid-rise tower.
View the CBC article Ritz-Carlton Condo Project Stalls in Vancouver
View the CTV article Work Halted on Ritz-Carlton Condo-Hotel Tower
Copyright © 2008 by Sebastian Albrecht, Vancouver Realtor with Royal LePage Westside ”News Reports Claim Ritz-Carlton Condo Construction Halted”
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That poor piece of property has been undeveloped for a very long time. For such a prime piece of realestate its utterly shocking that no one has been able to get a project completed there.