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

[Wolf13]

Originally Posted by Roger Strong

dCondo announced: Sep 11, 2013
SkyCity announced: Sep 6, 2013

dCondo construction begins: Jul 2014 (six months after the projected start date)
SkyCity construction begins: ???

Despite dCondo's woes, it's up and topped out.

Dcondo is so far removed from what could be considered a textbook example. They got kicked off their own job.

Originally Posted by Pi3141592654

The laughable part here too:
http://www.baystreet.ca/articles/res...y-Dec-2013.pdf

However, despite rating SkyCity "weak return-to-risk" ratio they definitely gave Fortress/Mady the kid gloves treatment. They could have been much harsher. They did have nice things to say about Winnipeg though...

Originally Posted by Roger Strong

Not *that* much bigger. And dCondo had riverbank stabilization issues to contend with, and is in a constrained space between other buildings. It had its own complications beyond tallness.

SkyCity is almost 4x bigger in terms of cost, is more than 4x bigger in terms of unit count.

Originally Posted by Roger Strong

dCondo did in fact progress. SkyCity hasn't "taken longer to progress"; we have to wait for progress to start before we can say that.

That's not "progress". That's "they got smashed at the bar, passed out, and a stranger carried them to their home and leaned them against the front door"

Originally Posted by Biff

Skycity - 475,043 sq ft - 388 units - $200+ million
D Condo - 174,862 sq ft - 91 units - $35 million

Isn't it $48M now?

Originally Posted by Bluenote

Why are you people comparing this to DCondos size. The point was they got theirs started and built. And started with a much smaller company. Scamcity is supposed to be a huge company and should be able to stay on target. We are not talking a few months delay here. We are talking half a decade delay.

There’s isn’t a recent built in this city that has that much of a delay.
Glasshouse
Hydro tower
Dcondo
TNS
Alt

Heck even the floodway was built faster.

Stop making excuse for them.

We're not actually making excuses, we're just talking.

[Roger Strong]

Originally Posted by Wolf13

Dcondo is so far removed from what could be considered a textbook example. They got kicked off their own job.

And...? That only makes SkyCity even more suspect when you consider that SkyCity hasn't begun construction while for all of Dcondo's troubles, it's topped out.

Originally Posted by Wolf13

SkyCity is almost 4x bigger in terms of cost, is more than 4x bigger in terms of unit count.

That would have explained the longer time under construction, had it ever started at all.

[lilwayne]

this company is a perfect example of a good con artist

they say all the right things but never deliver what they promise.. they manipulated and deceived a lot of people into investing in this building. Unfortunately for those poor condo purchasers they will probably have money tied into this project for a long time before they see any return.. maybe the project will proceed who knows but even if it did I don't expect possession for at least another 5 - 10 years.

by the time they move in they will be in different places in their lives.. maybe have other commitments responsibilities.. family kids.. maybe they'll lose their job or want to move out of province.. from 2015 when this thing went up for sale to possible possession in 2023 is is a long frickin time..

[Jets4Life]

Originally Posted by Roger Strong

Maybe rename the site AtGradeCity.

I like that name. It's catchy.

[Wolf13]

Originally Posted by Roger Strong

And...? That only makes SkyCity even more suspect when you consider that SkyCity hasn't begun construction while for all of Dcondo's troubles, it's topped out.


That would have explained the longer time under construction, had it ever started at all.

It makes both look stupid.

Again, you can't give a one project "credit" for topping out if it did so through years of delay, 40% cost increases (although there was huge material/labour cost increase in the field through this time), and the developer literally got kicked off their job for failing to deliver.

None of this means SkyCity isn't super suspect.

[Bluenote]

Dcondo is a reality.
Scamcity is a proposal.

BIG difference. Stop comparing them.

[optimusREIM]

Yes let's just stop all discussion then because it's clearly pointless....

[Riverman]

Originally Posted by optimusREIM

Yes let's just stop all discussion then because it's clearly pointless....

[cheswick]

Latest email from SkyCity still saying "Contact us for retail opportunities in phase one, breaking ground this year".....

[buzzg]

Someone will go chisel a rock off the asphalt next week so they can keep that claim in tact.

[Bluenote]

Originally Posted by cheswick

Latest email from SkyCity still saying "Contact us for retail opportunities in phase one, breaking ground this year".....

Phase one ???? How can a single tower have more then one phase. Oh wait. They are talking about their much anticipated parkade lol. How exciting. Not really. And IF that got built. That will be the end of Scam City. Except for the new landmark ScamCity parkade which will tower over the other 4 story buildings and empty parking lot around it.

[DLLB]

Time for this to go the way of the Dodo bird.

[Finessing]

Toronto can’t stop talking about this condo cancellation, but one industry player says the market is still strong

But the cancellation isn’t the sign of worse things to come for Toronto’s preconstruction condo market. At least, Fortress Real Developments senior VP Ben Myers doesn’t think so.

“In the grand scheme of things, the number of condo developments that get cancelled is still relatively low,” Myers tells BuzzBuzzNews.

“When you look at the time period between 2010 and 2013, there was a 12 per cent cancellation rate,” says Myers. “It’s higher, but still relatively marginal.”

Myers says condo cancellations can be attributed to a number of factors, including a developer choosing to go to market before securing the necessary approvals, or a poorly designed project.

“Often it’s projects where the developer clearly didn’t invest in a good market study, so the suite-mix will be wrong, or the pricing will be off,” says Myers.

How ironic is it that Fortress Real is doling out advice on why condos get cancelled...

[Roger Strong]

Originally Posted by Finessing

How ironic is it that Fortress Real is doling out advice on why condos get cancelled...

A company that sells condos tells everyone that "actually, this is a great time to buy a condo!"

That's something, but it's not irony.

[wanggangca]

I would like to use this forum to get some answers, do you know or have you heard that any purchaser of the sky city condo actually backed out? Did they get their money back? Anyone knows anything, please share... This condo project is really pissing me off...

[Roger Strong]

Trying to sell off SkyCity units before the project even breaks ground - does that count as backing out? There have been seven SkyCity units for sale on the MLS for a year now.

[Riverman]

Originally Posted by wanggangca

I would like to use this forum to get some answers, do you know or have you heard that any purchaser of the sky city condo actually backed out? Did they get their money back? Anyone knows anything, please share... This condo project is really pissing me off...

Take your contract to a lawyer.

[wanggangca]

Originally Posted by Roger Strong

Trying to sell off SkyCity units before the project even breaks ground - does that count as backing out? There have been seven SkyCity units for sale on the MLS for a year now.

I called the their Lawyer on Fotress's behalf - Thompson Dorfman Sweatman LLP (TDS), I was told that the money we deposited was in a trust and invested in money market fund; they also told me they were not aware of anyone pulling money out as of that date (2-3 weeks ago). However, I am not sure if I can request to see the proof that the money we deposited / invested is indeed in a trust. They told me there are waiting for a permit from city of Winnipeg... Do you know if I can call the city and ask them about Skycity?? I am so eager to find out why this things has not started digging yet~~~! Pissed off...

[rkspec]

Originally Posted by Riverman

Take your contract to a lawyer.

^^^
This

showing up in court and saying x amount of users from skyscraperpage.com said i'll be fine wont get you anywhere.

[Riverman]

Originally Posted by Riverman

Take your contract to a lawyer.

Sorry, this should have read

Take your contract to your lawyer.