Quote:
Originally Posted by robertocarlos
In 2 weeks 300 Main will be in progress above the roof.
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That's awesome news! Finally
Quote:
Originally Posted by WhipperSnapper
We'll see if someone else steps forward and picks up the site and develops it. It might be coincidence even someone does. This isn't the only development opportunity in Winnipeg.
Fortress scammed people with false guarantees to buy their syndicated mortgages. That doesn't make Skycity a scam. Fortress syndicated mortgages have been used to build dozens of projects with hundreds of units all across Canada. The difference here and in Regina is that the market reacted smaller than expected. It was over once the developer went bankrupt and not one of Fortress' other development partners step forward. That doesn't make either city any lesser because these projects ended up too ambitious for the respective markets. It happens in Toronto all the time too. They aren't called scams when they fail.
There's still a lot of shady financing formulas and presale tactics going on outside of the syndicated mortgage sphere.
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Right, and to that extent one could also argue that had the developer not had such challenges, then it could have gone through. It is possible for a developer to secure financing when 40-50% of condos are sold, this one was advertised as "over 55%" sold, and Edenshaw backed out last fall when they said "nothing was moving forward" - there was more to it than just the market of Winnipeg here.
Although not condos, with 300 main or TNS we can see that if the right parties is behind a project, it can be a success in such a market. TNS is a much larger development despite not being as tall as Sky City or 300 main.
Capitol Pointe has been a dud in Regina for almost a decade now. When the d condo development fell apart, it was still saved and that seemed to entertain much more difficulty than Sky City. The issue has more to do with
why Sky City never took off in the first place.
There is something to be said about Fortress being behind the development, and same goes with Regina.
I recall someone posting early in that thread (I don't remember who specifically - simplicity perhaps) that pointed out Fortress had never
themselves built anything despite appearing as though they had advertised as much
I don't see why that type of development couldn't be possible in Winnipeg. If it was already u/c it would have given many more condo fence buyers incentive to purchase. There is an element of Fortress blame being legitimate with that project.
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