SkyCity Centre Winnipeg | 45F | 575 Ft | 175.26 M | Cancelled - Page 174

Roger Strong · #**3461** Posted **Apr 13, 2018, 5:44 PM**

Quote:

Originally Posted by dmacc

Let the plan die. Maybe Artis or TND or someone else can take it and make something more modest but realistic.

Perhaps Rathore and Petrozza's *next* company.

With their standard reminder that the legal troubles at their previous companies - and the ones before those - have nothing to do with the new one.

design25 · #**3462** Posted **Apr 13, 2018, 6:21 PM**

We bought a unit in this building which was supposed to be move-in by October of this year. After all this time, we are praying for it to be cancelled, so we can put our money into something else... anything else. Don't worry, our money is held in trust by a lawyer, so we will get it back. If Centre Venture gives them an extension, they will lose any credibility they have imho.

cheswick · #**3463** Posted **Apr 13, 2018, 6:24 PM**

Quote:

Originally Posted by design25

We bought a unit in this building which was supposed to be move-in by October of this year. After all this time, we are praying for it to be cancelled, so we can put our money into something else... anything else. Don't worry, our money is held in trust by a lawyer, so we will get it back. If Centre Venture gives them an extension, they will lose any credibility they have imho. I hope the raids in Toronto will be the nail in the coffin for this company.

Is there a timeline as to when you could request your deposit back if it doesn't complete but isn't officially cancelled?

1ajs · #**3464** Posted **Apr 13, 2018, 6:40 PM**

Quote:

Originally Posted by cheswick

Is there a timeline as to when you could request your deposit back if it doesn't complete but isn't officially cancelled?

depends on the contract wording and would prolly cost more in lawyer fees to break it then whats tied up

cllew · #**3465** Posted **Apr 14, 2018, 8:29 PM**

Winnipeg Free Press report on the SkyCity head office raid on Friday

https://www.winnipegfreepress.com/bu...479773093.html

Not too much different from Post #3450 from yesterday.

wanggangca · #**3466** Posted **Apr 15, 2018, 5:28 PM**

Quote:

Originally Posted by design25

We bought a unit in this building which was supposed to be move-in by October of this year. After all this time, we are praying for it to be cancelled, so we can put our money into something else... anything else. Don't worry, our money is held in trust by a lawyer, so we will get it back. If Centre Venture gives them an extension, they will lose any credibility they have imho. I hope the raids in Toronto will be the nail in the coffin for this company.

hi design25,

I am an actual purchaser, please get in touch with me. I have sent you a private message and my phone number is in that message, I would like to discuss some aspects of this project. Thank you.

trueviking · #**3467** Posted **Apr 16, 2018, 2:17 AM**

Would be great if the TIF skycity sucked up could go towards other projects, but instead it will likely be lost. The provincial side for sure is gone. It took $15m out of the $40m program. Could give $2m to seven great infill projects. Some nice 6-8 storey buildings that could fill parking lots across downtown. So much better that a giant tower. Such a shame that opportunity has been stolen by these guys.

Roger Strong · #**3468** Posted **Apr 16, 2018, 2:36 AM**

Quote:

Originally Posted by trueviking

Would be great if the TIF skycity sucked up could go towards other projects,

It likely did. Just not in Winnipeg.

rrskylar · #**3469** Posted **Apr 16, 2018, 3:59 AM**

Quote:

Originally Posted by wanggangca

hi design25,

I am an actual purchaser, please get in touch with me. I have sent you a private message and my phone number is in that message, I would like to discuss some aspects of this project. Thank you.

Here's Fortresses new office!

Roger Strong · #**3470** Posted **Apr 16, 2018, 3:12 PM**

It would be a prison of their own making.

Which would explain why it's taking so damned long to happen.

borkborkbork · #**3471** Posted **Apr 16, 2018, 4:08 PM**

Quote:

Originally Posted by trueviking

Would be great if the TIF skycity sucked up could go towards other projects, but instead it will likely be lost. The provincial side for sure is gone. It took $15m out of the $40m program. Could give $2m to seven great infill projects. Some nice 6-8 storey buildings that could fill parking lots across downtown. So much better that a giant tower. Such a shame that opportunity has been stolen by these guys.

wait so the TIF is paid out in cash directly to the developer before there's even a shovel in the ground?

that's insane, no?

why can't it be put in some sort of escrow or something for projects that aren't yet built?

i'm going to go buy a vacant lot and draw up some plans for a 100 story tower and ask the city to give me ten million bucks

cheswick · #**3472** Posted **Apr 16, 2018, 4:33 PM**

Quote:

Originally Posted by borkborkbork

wait so the TIF is paid out in cash directly to the developer before there's even a shovel in the ground?

that's insane, no?

why can't it be put in some sort of escrow or something for projects that aren't yet built?

i'm going to go buy a vacant lot and draw up some plans for a 100 story tower and ask the city to give me ten million bucks

They never received any of it. City agreed to pay out their 6.5mm upon project completion over the course of ten years.

I believe his point is the province no longer is offering development incentives, so they won't be spending the money this project would have received anywhere, where as when they were prepared to spend it, it could have gone to help some actual smaller projects come to fruition.

Biff · #**3473** Posted **Apr 16, 2018, 6:23 PM**

^^^I think you are right. More of a lost opportunity rather than spent money.

borkborkbork · #**3474** Posted **Apr 16, 2018, 6:23 PM**

Quote:

Originally Posted by cheswick

They never received any of it. City agreed to pay out their 6.5mm upon project completion over the course of ten years.

I believe his point is the province no longer is offering development incentives, so they won't be spending the money this project would have received anywhere, where as when they were prepared to spend it, it could have gone to help some actual smaller projects come to fruition.

ohhhhh gotcha

*puts away plans for Tax Increment Tower*

Ando · #**3475** Posted **Apr 16, 2018, 9:35 PM**

Quote:

Originally Posted by borkborkbork

ohhhhh gotcha

*puts away plans for Tax Increment Tower*

TIT? Can we see the renderings?

borkborkbork · #**3476** Posted **Apr 16, 2018, 10:34 PM**

Quote:

Originally Posted by Ando

TIT? Can we see the renderings?

BUY NOW 75% SOLD OUT

Ando · #**3477** Posted **Apr 16, 2018, 10:57 PM**

You had me at water slide.

esquire · #**3478** Posted **Apr 17, 2018, 1:00 AM**

Where do I sign?

The Jabroni · #**3479** Posted **Apr 17, 2018, 1:27 AM**

Seems legit.

Pi3141592654 · #**3480** Posted **Apr 17, 2018, 2:22 AM**

Quote:

Originally Posted by borkborkbork

BUY NOW 75% SOLD OUT

Just put your project on permanent 'winterization' too. If you want to see the details a big flop in Toronto (hasn't been updated since Aug 2017) with a project called Harmony Village Sheppard:

Check out http://www.rosengoldberg.com/company...?company_id=31

http://www.rosengoldberg.com/admin/u...rc_silbert.pdf

The Mady Collier Centre bankruptcy details were taken down from the Grant Thorton late last year.