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

[bomberjet]

NorthStars, judging by the name you're working for Northland Properties and co? Can you provide an update on where Sutton Place is at? Can we expect to hear of groundbreaking anytime soon?

[optimusREIM]

Originally Posted by NorthStarsProject

They want the money after the city's required deadline. The city made it clear
now they need to finish the project by the certain date or it will be in installments.

Money transferred will benefit Fortress as its a guaranteed loan and used as such with future business.

The reason why this was done was to protect the city from Fortress playing games and protect the city's valuation of land. Fortress will never get the project up and running by the expected date.

I would challenge almost any developer to get it done by the city's deadline. There's a reason that developers aren't lining up to build 45 story towers here. Especially with this project, for the city to expect the project to be completed by the deadline is unrealistic. Which is also why the city does this neat thing called a variance, and they are issued quite frequently I may add (though in some cases not nearly enough). I don't think it's unreasonable to ask for an extension. That being said, Fortress has a shady record so we need to temper our expectations. But if TNSE were proposing the exact same thing with similar circumstances people would be bending over backwards to defend them.

[Wolf13]

Originally Posted by NorthStarsProject

They want the money after the city's required deadline. The city made it clear
now they need to finish the project by the certain date or it will be in installments.

Money transferred will benefit Fortress as its a guaranteed loan and used as such with future business.

The reason why this was done was to protect the city from Fortress playing games and protect the city's valuation of land. Fortress will never get the project up and running by the expected date.

NorthStars,

anyone with common sense (and recall I'm one of the bigger Fortress skeptics) knows that completing a project of this size is not achievable within the city's time frame if they started TODAY, hence why it was mentioned earlier that exceptions are part of the game here.

Of course the money would be used towards future projects, they're a condo developer. Condo guys don't hold onto their assets, they get their money and repeat the process.

It is, however, reasonable of the city to get some project delivery security. But just because the project is big doesn't mean one can assume that Fortress or any other condo developer can wait for their money.

[Wolf13]

Originally Posted by bomberjet

NorthStars, judging by the name you're working for Northland Properties and co? Can you provide an update on where Sutton Place is at? Can we expect to hear of groundbreaking anytime soon?

Probably not in time by the city's deadline...

[WhipperSnapper]

Originally Posted by optimusREIM

I would challenge almost any developer to get it done by the city's deadline. There's a reason that developers aren't lining up to build 45 story towers here. Especially with this project, for the city to expect the project to be completed by the deadline is unrealistic. Which is also why the city does this neat thing called a variance, and they are issued quite frequently I may add (though in some cases not nearly enough). I don't think it's unreasonable to ask for an extension. That being said, Fortress has a shady record so we need to temper our expectations. But if TNSE were proposing the exact same thing with similar circumstances people would be bending over backwards to defend them.

The people behind Fortress have shady records. The financing formula Fortress provides to developers is shady especially how it is marketed to attract investors. (This is, however, an industry wide symptom with real estate marketing and investment.) Fortress' track record isn't much worse than anyone else that provides capital to developers/developments.

It's reasonable to assume that this development has a higher chance of failure given its size in the Winnipeg market. It's failure should not be drawn as proof that Fortress had planned it all along but, I'm sure it will be.

It's definitely a positive step for this development being built that Fortress has found another partner familiar with the development end.

[trueviking]

Originally Posted by NorthStarsProject

Both glasshouse and TNSQ did not need the grant to get it done.

In what world do you think Centrepoint and True North Square didn't receive TIF funding. Combined They will get over $30m! Waaaay more than SkyCity.

[lilwayne]

I think everyone has made their points now..

I say lets wait this out for the next 2 months and than revisit this discussion.

there's no sense debating whether this will happen or not.. I am optimistic but also a realist. what I do know is that skycity has put a lot effort into pushing this project forward.. either through social media or involving themselves in the community.. are they conning the public who knows lets wait and see..

so far I they have gone further along than most had expected.. so lets ride this out

[trueviking]

i do think bringing this new group in is a positive step.

[Urban recluse]

Do some of you lose sleep over this? Like f$ck.

[optimusREIM]

Originally Posted by Urban recluse

Do some of you lose sleep over this? Like f$ck.

It consumes my every waking moment and my dreams.

[Ando]

Originally Posted by 1ajs

as much as he was a pain in my ass on here and in my mail box insulting me at times i still rather have him around. i think the reason he disappeared is someone figure out who he was and confronted him or he just didnt like me telling him to take a chill pill yet again when he got worked up.
it was a really hard balance to walkm trying to keep an open discussion going when ur getting personaly attacked from all sides as well... i dunno how many times i allmost banned him for the stuff in my inbox but didnt in the name of open discussion he didnt seem to see it that way and some of u wanted to hang me.

----------------------------------------------------------------------------------



as for fortress they are questionable theres tuns of examples in the gta of bait and switch and holes in the ground going back years we cant ignore this fact. plzz guys stop getting in a tizzy cause ur new tallest wet dream is getting bad mouthed ive personally chosen to stay neutral on it till now... but it is a fact and people need to not get their backs up when these facts are mentioned. we need to keep this pressure in the public relm something many of u don't relize is how watched the discussion is on here at the city government and in the media maybe even the province theres been policy that has been born out of the dissucions that happens here

I guess I just don't like complete f-tards who wreak havoc. The forum became way better when he left. I don't feel I'm missing anything with his absence. But I know he had a very admiring little group of followers who loved his extremist views and his ad nauseum fights with other forumers that went on for days sometimes. Yup, sure do miss that.

[esquire]

^ He brought interesting commentary and insight, and he clearly had a level of expertise in the matter which I miss having around here.

And remember, you can always add people to your ignore list if they rub you the wrong way. I've done it myself a few times over the years.

[drew]

Originally Posted by esquire

^ He brought interesting commentary and insight, and he clearly had a level of expertise in the matter which I miss having around here.

And remember, you can always add people to your ignore list if they rub you the wrong way. I've done it myself a few times over the years.

Just because you are smart - doesn't give the right to be a "forum bully", or basically an asshat.

Because he was both the former, and especially the latter - his absence is not entirely a big loss to me. And he also shouldn't (and doesn't deserve to) be defended by anyone on this board IMO. He's a big boy, and can come to his own defense.

[Wolf13]

Originally Posted by Urban recluse

Do some of you lose sleep over this? Like f$ck.

I've got kids so I ain't sleeping for shit, anyway.

Hence my grumpiness, or general disposition towards anything, really.

[bomberjet]

We know it's a he? Sounds like Urban had one, or many, previous names on here from what I understand. Anyways, moving right along.

[bmyers]

Why Fortress added Edenshaw to the SkyCity team

RENx Feb 9

[Urban recluse]

Originally Posted by bomberjet

We know it's a he? Sounds like Urban had one, or many, previous names on here from what I understand. Anyways, moving right along.

Nope.

[Cyro]

The off-topic discussion on posters, past and present stops now. Heads up, the posts will be removed. Try to keep it somewhat on topic.

[Finessing]

Originally Posted by bmyers

Why Fortress added Edenshaw to the SkyCity team

RENx Feb 9

Is this an admission that Fortress isn't capable of handling a development like SkyCity? Why wait until now to add Edenshaw to the team if Fortress didn't have the capability to develop this property from the start?

[bmyers]

Originally Posted by Finessing

Is this an admission that Fortress isn't capable of handling a development like SkyCity? Why wait until now to add Edenshaw to the team if Fortress didn't have the capability to develop this property from the start?

We felt we needed help with value engineering, contract negotiation, covenant strength and many other aspects on a project of this magnitude, and David and the Edenshaw team are very good at what they do and very well respected among their peers and the senior debt lending community, and we are happy to add them to the team.

We spoke with several potential partners about co-developing SkyCity, but we were in no rush to make a decision given our in-house marketing and sales experience, we felt we could shepherd the project to this point. It took time to negotiate a deal that made sense for all parties involved.