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

[1ajs]

Originally Posted by Only The Lonely..

That sloped feature is where people will gather to worship Gozer.

No Zardoz

Copy right 20 centry fox

[LilZebra]

CBC Investigates
Investors in SkyCity Centre development owed interest as bonds default

Posted Mon. May 23, 2017

http://www.cbc.ca/news/canada/manito...ault-1.4124954

[bomberjet]

But the signs have been updated to OVER 50% sold now. haha

[rrskylar]

Originally Posted by bomberjet

But the signs have been updated to OVER 50% sold now. haha

Yeah and Pee Wee Bowman wants to dump $6.5 M in tax dollars all in just because!

[jmt18325]

Originally Posted by rrskylar

Yeah and Pee Wee Bowman wants to dump $6.5 M in tax dollars all in just because!

They don't get that unless they build it....

[Biff]

IF it gets built and occupied, the $6.5 million the City will give them is well worth it if you ask me. 380+ residences, likely almost 1,000 new people, the City's new tallest building, a massive surface parking lot gone (gravel none-the-less), great addition to Graham Ave, the positives go on and on...

[esquire]

Originally Posted by Biff

IF it gets built and occupied, the $6.5 million the City will give them is well worth it if you ask me. 380+ residences, likely almost 1,000 new people, the City's new tallest building, a massive surface parking lot gone (gravel none-the-less), great addition to Graham Ave, the positives go on and on...

I agree, if it gets built then the $6.5 million would be well spent. But I can't help doubting that it will ever get to that point... stories like that one from CBC that LilZebra posted do nothing to inspire confidence and make the whole thing seem more like some sort of elaborate financial scheme than any kind of bona fide real estate development.

But here's hoping it gets off the ground someday.

[Finessing]

Originally Posted by LilZebra

CBC Investigates
Investors in SkyCity Centre development owed interest as bonds default

Posted Mon. May 23, 2017

http://www.cbc.ca/news/canada/manito...ault-1.4124954

We've been saying this all along. Fortress is not a developer. They make their money on the front-end by ripping off the investors and taking their fees. They've already made their profit and will keep the illusion of progress going as long as possible so they can rip off others on new projects. The lawsuits and media reports are piling up and eventually Jawad & Co. will fold up shop, just like they did with their previous scam that they were busted for.

I think this project would be great for Winnipeg. Unfortunately it will never get built as long as Fortress is involved. Even if Fortress isn't involved, I still question the demand for this type of product in Winnipeg but I will submit that I don't know the local market as well as some. As somebody who used to travel to Winnipeg quite often for business, I have a hard time believing middle-class people would want to live downtown in a condo when ground-oriented housing is affordable and the city is built for cars.

[Biff]

So then we have nothing to fear about the $6.5 million City contribution. Fortress only gets it upon project completion. If it never gets off the ground we don't lose anything.

Sounds like a no lose proposition.

[bomberjet]

I agree with BIff. If it doesn't happen, then no public money is going into it. If it goes ahead, than awesome. Money well spent.

Have we heard anything from the Province on their contribution? I believe Fortress said that was another 'must have' for the project to go ahead.

[esquire]

Originally Posted by Biff

So then we have nothing to fear about the $6.5 million City contribution. Fortress only gets it upon project completion. If it never gets off the ground we don't lose anything.

Sounds like a no lose proposition.

Unless you're one of the investors who gets burned on this!

I know what you're saying, though. Sounds like the City is taking the right approach.

[Tacheguy]

Originally Posted by Finessing

We've been saying this all along. Fortress is not a developer. They make their money on the front-end by ripping off the investors and taking their fees. They've already made their profit and will keep the illusion of progress going as long as possible so they can rip off others on new projects. The lawsuits and media reports are piling up and eventually Jawad & Co. will fold up shop, just like they did with their previous scam that they were busted for.

I think this project would be great for Winnipeg. Unfortunately it will never get built as long as Fortress is involved. Even if Fortress isn't involved, I still question the demand for this type of product in Winnipeg but I will submit that I don't know the local market as well as some. As somebody who used to travel to Winnipeg quite often for business, I have a hard time believing middle-class people would want to live downtown in a condo when ground-oriented housing is affordable and the city is built for cars.

is the Forks considered downtown? the planned condo developments there will sell out in no time I bet..

[Finessing]

Originally Posted by Tacheguy

is the Forks considered downtown? the planned condo developments there will sell out in no time I bet..

I would consider it downtown but granted I'm not a local.

As an outsider and Toronto-resident, I don't see the appeal of downtown living in Winnipeg. In Toronto, there are several reasons to live downtown in a condo:

1. Walkable/transit-oriented neighbourhoods which let you avoid the brutal traffic and commutes associated with the suburbs. You do not need to own a car and are actually better off using other transit methods downtown due to congestion and parking fees.

2. Affordability. Ground-oriented housing is completely out of the price range of most people in the GTA, even in the suburbs.

3. Lifestyle of condo ownership (i.e. no maintenance really, just lock the door)

I only see #3 as a benefit in Winnipeg for middle-class folks.

I also think downtown Winnipeg is a lot sketchier than downtown Toronto as far as a crime goes but maybe that's just my perception. The homeless people seem more aggressive. I've never had an issue in Toronto but can recall a couple times in Winnipeg where sketchy characters approached me or my friends in an aggressive manner demanding things. Not sure I'd want to deal with that all of the time but again that's just my perception.

The great thing about Winnipeg to me is all the nice suburban or rural areas with affordable detached housing. Sure, you add to your commute but compared to Toronto it seems very reasonable.

[esquire]

^ #1 is a significant factor in Winnipeg. The desire to avoid commuting is not as strong here because we don't have the massive commute times that some Torontonians deal with, but it's more about seeking an urban lifestyle. If it wasn't a factor, then everyone buying condos or renting apartments would just do it in suburbia... so there must be some level of demand for urban living.

#2 is not really a factor at all... living downtown often means living in a newer building or conversion, which means paying slightly higher prices than in suburbia. Someone looking for rock-bottom pricing will probably gravitate to certain non-gentrified parts of older, prewar suburbia.

The Forks is definitely downtown and residences there will probably sell quite well. I think the perception is that it is downtown but without the headaches of living on, say, Portage Avenue. Residential there would probably have much broader appeal than most other downtown residential.

[DirtWednesday]

Originally Posted by Finessing

I would consider it downtown but granted I'm not a local.

As an outsider and Toronto-resident, I don't see the appeal of downtown living in Winnipeg. In Toronto, there are several reasons to live downtown in a condo:

1. Walkable/transit-oriented neighbourhoods which let you avoid the brutal traffic and commutes associated with the suburbs. You do not need to own a car and are actually better off using other transit methods downtown due to congestion and parking fees.

2. Affordability. Ground-oriented housing is completely out of the price range of most people in the GTA, even in the suburbs.

3. Lifestyle of condo ownership (i.e. no maintenance really, just lock the door)

I only see #3 as a benefit in Winnipeg for middle-class folks.

I also think downtown Winnipeg is a lot sketchier than downtown Toronto as far as a crime goes but maybe that's just my perception. The homeless people seem more aggressive. I've never had an issue in Toronto but can recall a couple times in Winnipeg where sketchy characters approached me or my friends in an aggressive manner demanding things. Not sure I'd want to deal with that all of the time but again that's just my perception.

The great thing about Winnipeg to me is all the nice suburban or rural areas with affordable detached housing. Sure, you add to your commute but compared to Toronto it seems very reasonable.

I was not aware Winnipeg isn't allowed to grow an urban lifestyle. Sorry about that Center-Of-The-Universe-guy, we'll stop with the downtown rejuvenation and continue to sprawl out into the never ending wide open countryside, while leaving downtown to the unrulies.

[Cyro]

Originally Posted by Finessing

I also think downtown Winnipeg is a lot sketchier than downtown Toronto as far as a crime goes but maybe that's just my perception. The homeless people seem more aggressive. I've never had an issue in Toronto but can recall a couple times in Winnipeg where sketchy characters approached me or my friends in an aggressive manner demanding things. Not sure I'd want to deal with that all of the time but again that's just my perception.

I believe your anecdotal perception can be experienced in any major Canadian city at any given time. But we won't make this a TO vs.Winnipeg discussion now will we, seeing that you've mentioned you are a resident of Toronto, with an un-ending and insatiable interest in posting only in matters pertaining to Fortress in Winnipeg and Regina.

[biguc]

Originally Posted by Finessing

The great thing about Winnipeg to me is all the nice suburban or rural areas with affordable detached housing. Sure, you add to your commute but compared to Toronto it seems very reasonable.

That exists in every hick town in America. Dysfunctionally under-populated communities are hardly an asset or unique.


What is with this board today? At least NorthRacistBullshitter is gone.

[bomberjet]

^ Must be the 'day after May Long' hangover for everyone.

[pegaholic]

l

[Pinus]

Originally Posted by Finessing

We've been saying this all along. Fortress is not a developer. They make their money on the front-end by ripping off the investors and taking their fees. They've already made their profit and will keep the illusion of progress going as long as possible so they can rip off others on new projects. The lawsuits and media reports are piling up and eventually Jawad & Co. will fold up shop, just like they did with their previous scam that they were busted for.

I think this project would be great for Winnipeg. Unfortunately it will never get built as long as Fortress is involved. Even if Fortress isn't involved, I still question the demand for this type of product in Winnipeg but I will submit that I don't know the local market as well as some. As somebody who used to travel to Winnipeg quite often for business, I have a hard time believing middle-class people would want to live downtown in a condo when ground-oriented housing is affordable and the city is built for cars.

Well well, look who shows up in the nick of time as a negative news story regarding SkyCity pops up on the forum. Funny how you were so quiet during all the positive news stories. And to top it off, you aren't even FROM the bloody city and likely have no vested interest here; dictating to us what should and shouldn't be built in OUR downtown! Like clockwork............

Please go away.