SkyCity Centre Winnipeg | 45F | 575 Ft | 175.26 M | Cancelled

[trueviking]

why are you guys being so mean? He’s explaining his background in defence of being called a greedy rich asshole who deserves to lose his money. Because the only money you should earn is hourly on your paycheque.

Headhorse, your vitriol towards people with money is irrational. The Richardson’s should hire 10,000 people...nobody should invest their savings. Get into the real world, man. Everyone invests their money. You buy an RSP, that’s investing.

[dmacc]

Originally Posted by headhorse

i'm fine with people working hard and making money, thats great, I have an issue with landlords and people inflating the prices of houses in the market with investment properties. landlords contribute nothing to the economy. investment properties do nothing good for the housing market.

Landlords contribute capital and security to the property and are responsible for the maintenance and upkeep of the property. If you choose to rent a condo, you likely do so because you either don't have the capital to purchase or property ownership isn't something you want but you want something more then an apartment. Either way, the Owner/Landlord takes on a lot of risk as the Landlord and need to ensure their investment doesn't lose them money.

[Pi3141592654]

People want to socialize costs but want to privatize profits.
If this crap hadn't failed ....people likely would have patted themselves on the back as being 'innovative', 'pioneering', 'risk taking', 'investment geniuses', .but now that it's a mega flop...people cry about it being wrong when they lose money.
To that I say: SOL

[cheswick]

Originally Posted by headhorse

i'm fine with people working hard and making money, thats great, I have an issue with landlords and people inflating the prices of houses in the market with investment properties. landlords contribute nothing to the economy. investment properties do nothing good for the housing market.

What do landlords have to do with the contempt you spewed at investors of syndicated mortgages? These syndicated mortgages (in theory) are going to fund the construction of a condo building, has nothing to do with investment properties.

Not to mention as was explained above, not everyone has the wherewithal, or the desire to own a home. Rental options provide housing for such people.

[dmacc]

Originally Posted by Pi3141592654

People want to socialize costs but want to privatize profits.
If this crap hadn't failed ....people likely would have patted themselves on the back as being 'innovative', 'pioneering', 'risk taking', 'investment geniuses', .but now that it's a mega flop...people cry about it being wrong when they lose money.
To that I say: SOL

No one once asked for money from the government to cover their loses. The one person on here who mentioned he signed up was just looking for information and trying to provide his cautionary tale. The men of Fortress are crooks and should be put in jail. The investors in this project should be pitied for losing money and that's the end of it. For you to just assume someone who invests in a condo is a corporate fat cat who wants to screw the working still while he eats caviar and wipes their ass with $100 polymer bills is just ridiculous.

[cheswick]

Originally Posted by dmacc

No one once asked for money from the government to cover their loses. The one person on here who mentioned he signed up was just looking for information and trying to provide his cautionary tale. The men of Fortress are crooks and should be put in jail. The investors in this project should be pitied for losing money and that's the end of it. For you to just assume someone who invests in a condo is a corporate fat cat who wants to screw the working still while he eats caviar and wipes their ass with $100 polymer bills is just ridiculous.

Not to mention the people who are talking out both sides of their mouth. One post its how evil and immoral Fortress is then the next its that investors deserve to lose every penny.

If Fortress engaged in illegal practices marketing and selling their syndicated mortgages, how pray tell is it the investors own damn fault for losing their money?

[dmacc]

Originally Posted by cheswick

Not to mention the people who are talking out both sides of their mouth. One post its how evil and immoral Fortress is then the next its that investors deserve to lose every penny.

If Fortress engaged in illegal practices marketing and selling their syndicated mortgages, how pray tell is it the investors own damn fault for losing their money?

Simple, it's apparently a crime to have money and if you use said money to invest to try and improve your financial wealth then you should be hanged at Portage and Main because you are a POS.

[Ando]

Originally Posted by 905er

I'd say just remove this thread... It's never going to happen.. This project is DEAD. .....Next!

This is by far the smartest comment so far. Remove this thread. Isn't the focus supposed to be on active projects? If people wish to continue, they can put their comments in the Winnipeg historical thread.

[Urban recluse]

Yep, this thread needs a bullet to the head.

[CoryB]

Agreed. Perhaps lock this thread as there is really nothing further to discuss on SkyCity currently. If it magically avoids the fate of the Tribune Towers the thread can be unlocked.

That site though sure seems cursed in terms of planned developments.

[Wpg_Guy]

http://www.cbc.ca/news/canada/manito...643183?cmp=rss

SkyCity developer could lose St. Regis Hotel, planned site of project's first phase
Fortress Real Developments has 10 days to act or property could be sold to someone else, CentreVenture says
Joanne Levasseur · CBC News · Posted: May 01, 2018 11:51 AM CT | Last Updated: 7 minutes ago

This conceptual drawing shows SkyCity, a planned Fortress Real Developments project in Winnipeg. Fortress could lose the property where it planned to build the first phase of the development, a city development agency says. (Fortress Real Developments)
Fortress Real Developments could lose the property where it plans to build the first phase of SkyCity after the company failed to live up to an agreement to demolish the St. Regis Hotel and turn it into a parkade, say officials at city development agency CentreVenture.

CentreVenture, Winnipeg's arm's-length development agency, notified Fortress, the Richmond Hill, Ont., company behind the SkyCity condo project, that it has 10 business days to rectify the default.

"CentreVenture will be entitled to exercise its rights, including reacquisition or sale of the property to another party," if the developer fails to take the required actions, CentreVenture CEO Angela Mathieson wrote in an email.

Fortress had already received a one-year extension last year after it failed to start building on the St. Regis site by the agreed deadline.
Parkade and retail plans to replace dry St. Regis Hotel
CentreVenture gives Fortress another year to start work on parkade at St. Regis Hotel site
The St. Regis development is the first phase of SkyCity Centre, a 45-storey condo project slated to rise at Graham Avenue and Smith Street.

Less than two weeks ago, Fortress published a project update newsletter that included the latest on SkyCity.

"The St. Regis Hotel was shut down in the summer of 2017 and the project has secured a long-term lease from a parking operator for the parkade that will be constructed on those lands. The demolition and construction timeline on this phase is one year," the newsletter says.

Fortress did not immediately respond to a request for comment.

[Urban recluse]

Artis? Pleeeeeeeease help LOL.

What would be ideal is an out of town developer wanting to make a mark in the city buys it and replaces it with something to marvel at.

[Labroco]

Originally Posted by CoryB

Agreed. Perhaps lock this thread as there is really nothing further to discuss on SkyCity currently. If it magically avoids the fate of the Tribune Towers the thread can be unlocked.

That site though sure seems cursed in terms of planned developments.

I think this thread is invaluable.

Buildings in this forum are not just about the bricks and mortar...

It's also about the impact on their surroundings, the people and business who utilize them and even the costs of the building.

The way buildings are funded both successfully or not is of great importance and I feel invaluable to people who have an interest in this forum.

To just comment on a structure as to how it stands on a street negates the opportunity to discuss how and why things are built, maintained and perhaps neglected. The result we have today comes as no surprise to me but that is perhaps due to my age and experience.

A younger participant here can gain a lot of onsite into construction, financing, potential fraud and litigation. All are interesting and of value.

If it's bothersome to some posters I suggest they just read something else as oppose to silence the discussion.

Let's remember the land may or may not be currently encumbered and to me a very interesting chapter still to be written and read.

[BigG]

^^^Agreed.

[rrskylar]

Originally Posted by Urban recluse

Yep, this thread needs a bullet to the head.

LOL! No kidding, a thread and pages of talk about an imaginary project that is as likely to get built as Juba's dream of a clear plastic dome covering all of Winnipeg!

[Urban recluse]

So, the dome ain't happening?

[BigG]

Dreamscape is still a GO.

[headhorse]

Originally Posted by trueviking

why are you guys being so mean? He’s explaining his background in defence of being called a greedy rich asshole who deserves to lose his money. Because the only money you should earn is hourly on your paycheque.

Headhorse, your vitriol towards people with money is irrational. The Richardson’s should hire 10,000 people...nobody should invest their savings. Get into the real world, man. Everyone invests their money. You buy an RSP, that’s investing.

is it really that novel of a concept that people who are in good health should work for money? I don't see how this is controversial. the amount of people in this world who have excess cash to play around with investments is incredibly small, it's not the way the world actually works.

it's not irrational. I argued that instead of the Richardson's being worth $6.5 billion, that money should have instead gone to pay workers more and been taken in the form of tax, and our province and people would be much better off. no one needs that type of money and it cannot be made in ethical ways (only by underpaying workers, avoiding taxes/using your financial power to lobby for less taxes, creating monopolies, etc).

[headhorse]

Originally Posted by dmacc

Landlords contribute capital and security to the property and are responsible for the maintenance and upkeep of the property. If you choose to rent a condo, you likely do so because you either don't have the capital to purchase or property ownership isn't something you want but you want something more then an apartment. Either way, the Owner/Landlord takes on a lot of risk as the Landlord and need to ensure their investment doesn't lose them money.

how could a non-profit governmental entity not do this better and for a cheaper price?

[headhorse]

happy may day to everyone who isn't a blood sucking capitalist. hopefully one day our city will be rich with public transit, up to date infrastructure, safe/affordable housing, and recreational amenities rather than rich with billionaires who use their wealth and power to build a city that only benefits them.