Quote:
Originally Posted by Roger Strong
Not only has Fortress been one big scam, but it's prevented anyone else from developing the site for five years.
By the same logic, Capital Pointe demonstrates that that there's no market in Regina even for surface parking.
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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.