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Old Posted Oct 27, 2014, 10:02 PM
Simplicity Simplicity is offline
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Join Date: Feb 2014
Posts: 1,773
Originally Posted by Biff View Post
I would looooove a 12 storey residential building on that lot. Retail (bonus), Grocery (massive bonus), tall building (bonus), Winnipeg's tallest (super bonus).

I said this before, if, when this thing was announced last year they announced a 12 storey condo for the site people would have been shitting out unicorns.
How's anybody going to build a 12-storey complex on land that they paid $9.5MM for? They would assuredly be in default to the original investors on that purchase - a separate entity altogether - and would likely be sued for misrepresentation. Fortress either has to get the value out of that land - which is somewhere on the order of 380 units - or they have to buy out the original investors and take a write-down on the value which would have to come out of their pocket. That would also be their first money into the project; lighting about $4MM on fire.

Stop paying any attention to this project.
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