HomeDiagramsDatabaseMapsForum About
     

Go Back   SkyscraperPage Forum > Regional Sections > Canada > Manitoba & Saskatchewan


Reply

 
Thread Tools Display Modes
     
     
  #161  
Old Posted Jan 19, 2015, 12:33 PM
SD1 SD1 is offline
Registered User
 
Join Date: Jul 2014
Posts: 7
SoBa in default.

https://twitter.com/WaltCunha/status/556146171799154689

Simplicity, you had numbers on how many of their mortgages mature this year. Where did you get that information? Have ANY of these investors been paid back on time on any project?
Reply With Quote
     
     
  #162  
Old Posted Jan 19, 2015, 6:17 PM
Simplicity Simplicity is offline
Registered User
 
Join Date: Feb 2014
Posts: 1,774
Quote:
Originally Posted by SD1 View Post
SoBa in default.

https://twitter.com/WaltCunha/status/556146171799154689

Simplicity, you had numbers on how many of their mortgages mature this year. Where did you get that information? Have ANY of these investors been paid back on time on any project?
I did, but you can pull them from the analyst report.

I'm not an insider. I know development finance and I know what goes on in this city because I'm on the ground, but I don't know the first thing about the inner workings of this company. I just know when the numbers don't work. I have no idea what's going to come of this, but I stand by my opinion that it's a house of cards.
Reply With Quote
     
     
  #163  
Old Posted Jan 23, 2015, 5:02 PM
bmyers bmyers is offline
Registered User
 
Join Date: Jul 2013
Posts: 29
The latest update on Sky City

http://www.marketwired.com/press-rel...rk-1985664.htm

We are working closely with Ellis Don to get the Sales Centre under construction in late February or early March.

For further updates on the project, please register at: http://skycitywinnipeg.ca/ or follow @Fortressrdi on Twitter.

Last edited by bmyers; Jan 23, 2015 at 5:54 PM. Reason: broken link
Reply With Quote
     
     
  #164  
Old Posted Jan 23, 2015, 5:11 PM
bomberjet bomberjet is offline
Registered User
 
Join Date: Nov 2012
Location: Winnipeg
Posts: 13,679
Thanks for the info Ben. Here's a better link.

http://www.marketwired.com/press-rel...rk-1985664.htm

Other acquisitions include SkyCity Centre Winnipeg, a landmark mixed-use project that will be the tallest tower between Toronto and Calgary. "SkyCity will bring a much needed grocer to downtown Winnipeg and an impressive tower with a mix of commercial and retail tenants. Ellis Don is starting construction of the sales centre and we can't wait to show everybody what I consider the nicest sales centre that I have been a part of in 40 years in this business," said Charles Mady, President of MADY Development Corp. "Due to some personal and health reasons, I will be taking a reduced role once the grocer is announced. Fortress will continue to manage this fully approved project."

So we should be expecting some announcements in the near term on sales centre and who this grocer will be? Everyone's anxious to see what you guys have cooked up for the site and this redesign of the tower that's been talked about.
Reply With Quote
     
     
  #165  
Old Posted Jan 23, 2015, 5:19 PM
Simplicity Simplicity is offline
Registered User
 
Join Date: Feb 2014
Posts: 1,774
Quote:
Originally Posted by bmyers View Post
The latest update on Sky City

http://www.marketwired.com/press-release/fortress-leads-from-front-on-new-sites-as-land-portfolio-passes-1-billion-dollar-mark-1985664.htm

We are working closely with Ellis Don to get the Sales Centre under construction in late February or early March.

For further updates on the project, please register at: http://skycitywinnipeg.ca/ or follow @Fortressrdi on Twitter.
Yeah, thanks for that press release, Ben. Good objective analysis, as always. Anyway, not to quibble, but just because you've overpaid for something doesn't mean you've achieved its value.

Like, here in Winnipeg, for instance where you paid $132 per sq ft of land which is about 250% greater than anybody else has.

Also, personal and health reasons? I guess being at the brink of receivership has nothing to do with this.
Reply With Quote
     
     
  #166  
Old Posted Jan 23, 2015, 5:43 PM
Biff's Avatar
Biff Biff is offline
What could go wrong?
 
Join Date: Jun 2004
Location: Winnipeg
Posts: 8,691
^^^ WOW! Questioning someones health is an all time low even for you. I agree that you offer some good conversation on here but sometimes you just come a cross as a real know it all asshole.

......let me guess, someone of my low intellect would never be able to understand the words that are coming out of your mouth, blah, blah, blah.....


Thanks for the update Ben.
__________________
"But a city can be smothered by too much reverence for its past. The skyline must keep acquiring new peaks, because the day we consider it complete and untouchable is the day the city begins to die." - Justin Davidson - May 2010 Issue of New York
Reply With Quote
     
     
  #167  
Old Posted Jan 23, 2015, 5:52 PM
Simplicity Simplicity is offline
Registered User
 
Join Date: Feb 2014
Posts: 1,774
Quote:
Originally Posted by Biff View Post
^^^ WOW! Questioning someones health is an all time low even for you. I agree that you offer some good conversation on here but sometimes you just come a cross as a real know it all asshole.

......let me guess, someone of my low intellect would never be able to understand the words that are coming out of your mouth, blah, blah, blah.....


Thanks for the update Ben.
I'm not questioning anybody's health. I'm asking about the very public knowledge surrounding the project in Barrie right now that's fraught with liens for non-payment and the bank's having stopped advancing funds because of a budget spiraling out of control. It's a strange piece of extremely material information to omit when talking about why a developer may be stepping away from a project. It's also very relevant to the discussion given this is all entirely investor funded.
Reply With Quote
     
     
  #168  
Old Posted Jan 23, 2015, 7:33 PM
rypinion's Avatar
rypinion rypinion is offline
Registered User
 
Join Date: Jul 2007
Location: East Exchange, Winnipeg
Posts: 1,396
Quote:
Originally Posted by Biff View Post
......let me guess, someone of my low intellect would never be able to understand the words that are coming out of your mouth, blah, blah, blah.....
You sound like someone who would shop at Walmart.
Reply With Quote
     
     
  #169  
Old Posted Jan 23, 2015, 7:43 PM
Biff's Avatar
Biff Biff is offline
What could go wrong?
 
Join Date: Jun 2004
Location: Winnipeg
Posts: 8,691
Quote:
Originally Posted by rypinion View Post
You sound like someone who would shop at Walmart.
Never! My wife and I argue all the time how I despise Walmart and hate setting foot in there. Every time I do go it ends up like feeling like one of those internet "People who shop at Walmart" scenarios and I question why I ever came in the first place.

"Do you understand the words that are coming out of my mouth?" - Eddie Murphy
__________________
"But a city can be smothered by too much reverence for its past. The skyline must keep acquiring new peaks, because the day we consider it complete and untouchable is the day the city begins to die." - Justin Davidson - May 2010 Issue of New York
Reply With Quote
     
     
  #170  
Old Posted Jan 23, 2015, 8:29 PM
CoryB CoryB is offline
Registered User
 
Join Date: Mar 2012
Posts: 5,876
While not being direct about why Mady is reducing their role it does say "personal and health reasons".

That the announcement hints the grocery is still happening and getting close to an announcement is much more interesting. With the whole Target Canada imploding and the continuing processing of the Safeway acquisition Sobey's is in a horrible position to make such a move. This seems to suggest either a play by Loblaw's or an independent.
Reply With Quote
     
     
  #171  
Old Posted Jan 23, 2015, 8:36 PM
Simplicity Simplicity is offline
Registered User
 
Join Date: Feb 2014
Posts: 1,774
Quote:
Originally Posted by CoryB View Post
While not being direct about why Mady is reducing their role it does say "personal and health reasons".

That the announcement hints the grocery is still happening and getting close to an announcement is much more interesting. With the whole Target Canada imploding and the continuing processing of the Safeway acquisition Sobey's is in a horrible position to make such a move. This seems to suggest either a play by Loblaw's or an independent.
This isn't personal at all though. It's strictly business and its materially related to the financial wherewithal of the groups involved. If there was regulation of this marketplace - any at all - they would be forced to divulge the fact that a partner is in bad financial straits because that is material to an investor's decision as to where they might park their money.

Why is everybody so interested in enabling a company's ability to obfuscate the truth and mislead potential investors and condo purchasers? None of this makes any sense at all.
Reply With Quote
     
     
  #172  
Old Posted Jan 23, 2015, 8:54 PM
bomberjet bomberjet is offline
Registered User
 
Join Date: Nov 2012
Location: Winnipeg
Posts: 13,679
Maybe Charles really is sick and wants to spend time with his family prior to death?
Reply With Quote
     
     
  #173  
Old Posted Jan 23, 2015, 9:08 PM
Simplicity Simplicity is offline
Registered User
 
Join Date: Feb 2014
Posts: 1,774
Quote:
Originally Posted by bomberjet View Post
Maybe Charles really is sick and wants to spend time with his family prior to death?
Maybe.

But is that the most material reason for his stepping aside in a statement ostensibly released to update investors and purchasers in a project? It's not. It's also completely unassailable and that's the point. The release is strictly designed to obfuscate the recent developments in Barrie that have rendered Mady an untenable development partner.

The only reason this can even be gotten away with is because syndicated mortgages are going to remain the wild west until a whole pile of people get screwed.
Reply With Quote
     
     
  #174  
Old Posted Jan 23, 2015, 9:39 PM
bomberjet bomberjet is offline
Registered User
 
Join Date: Nov 2012
Location: Winnipeg
Posts: 13,679
Yeah. No denying on the whole unregulated thing. That's why these guys are in this business. The Fortress guys. They already got busted for scamming before, so they're left with the junk bonds again lol
Reply With Quote
     
     
  #175  
Old Posted Jan 26, 2015, 8:48 PM
Simplicity Simplicity is offline
Registered User
 
Join Date: Feb 2014
Posts: 1,774
Looks like Mady's health issues keep piling up...

http://www.simcoe.com/news-story/526...ie/;send=false
Reply With Quote
     
     
  #176  
Old Posted Jan 26, 2015, 9:55 PM
cabello cabello is offline
Registered User
 
Join Date: Jan 2015
Posts: 19
Quote:
Originally Posted by Simplicity View Post
Looks like Mady's health issues keep piling up...

http://www.simcoe.com/news-story/526...ie/;send=false
2 projects…. MarketTown & the LakeView condos
Reply With Quote
     
     
  #177  
Old Posted Jan 27, 2015, 7:13 PM
SD1 SD1 is offline
Registered User
 
Join Date: Jul 2014
Posts: 7
http://hardcorevalueblog.blogspot.ca...ress-real.html

Interesting comments regarding property appraisal company
Reply With Quote
     
     
  #178  
Old Posted Feb 4, 2015, 3:24 PM
Pi3141592654 Pi3141592654 is offline
Registered User
 
Join Date: Jan 2015
Posts: 35
Quote:
Originally Posted by Simplicity View Post
Maybe.

But is that the most material reason for his stepping aside in a statement ostensibly released to update investors and purchasers in a project? It's not. It's also completely unassailable and that's the point. The release is strictly designed to obfuscate the recent developments in Barrie that have rendered Mady an untenable development partner.

The only reason this can even be gotten away with is because syndicated mortgages are going to remain the wild west until a whole pile of people get screwed.
http://www.simcoe.com/news-story/532...from-creditors

Builder of Barrie’s Collier Centre seeks protection from creditors

One business day before Chuck Mady had to deliver Sobeys what he’d promised, he turned to the courts for protection.

The anchor tenant, Sobeys, wanted to be in its new downtown store Monday.

On Friday, Mady got some breathing room from the courts as he ceded control to court-appointed monitor Grant Thornton under the Companies’ Creditors Arrangement Act.

Documents filed with the court tell the story.

Sobeys became frustrated as word spread about construction being frozen due to tradespeople walking off the job and growing construction liens against the downtown project that includes an office tower and 82 residential condominiums.

Construction liens escalated from just less than $4 million at the end of November, which is when the project was to be finished and occupied, to more than $11 million by Dec. 31.

“The possession date was previously Nov. 28, 2014 and we then mutually agreed to an extension to Jan. 5, 2014. Recently you requested an extension to Feb. 1, 2015,” Sobeys said in a Jan. 19 letter.

“This date was tentatively accepted, provided you would deliver a revised firm construction schedule so that we may be properly coordinated with the landlord’s trades. Please note we are not able to accept subsequent request for further extensions. Please confirm you will deliver the premises on Feb. 2 and meet all related obligations in the Offer to Lease.”

Mady admitted to the courts he could not afford to continue construction without refinancing, but he needs to get the project finished because of mounting lease penalties.

Laurentian Bank began demanded a $29-million payment on Dec. 17 and warned Mady it would begin to enforce security conditions attached to its $52-million mortgage under the Bankruptcy and Insolvency Act. The balance grows by $3,740 each day.

Admitting the project is bankrupt, Mady said he has spent $51 million so far and he needs another $29 million to finish it.

He added the bank is “evaluating whether it is prepared to provide that financing.”

Mady also owes another $17 million to Olympia Trust.

He said he would like work to resume this month and have the condominium units — which do not yet have windows or electrical services — ready for occupancy by the end of 2015.

He said he also wants to finish the Collier Centre so he can begin collecting $2.59 million per month in rent from tenants, including the city, Barriston Law, Balzac’s Coffee, Druxy’s and Wildfire Steakhouse, as well as Sobeys, should it stay.

The office tower has a roof and its metal and concrete works are complete. Plumbing is complete up to the fifth floor and half the windows are installed. The heating and air conditioning system is less than half complete.

While all the 82 residential condos were sold and 68 per cent of retail and office space leased, Mady blamed the financial difficulties on cost over-runs caused by bad weather and sub-trade defaults.
Reply With Quote
     
     
  #179  
Old Posted Feb 4, 2015, 3:59 PM
esquire's Avatar
esquire esquire is offline
Registered User
 
Join Date: Oct 2001
Posts: 37,483
Quote:
Originally Posted by Pi3141592654 View Post
The office tower has a roof and its metal and concrete works are complete. Plumbing is complete up to the fifth floor and half the windows are installed. The heating and air conditioning system is less than half complete.

While all the 82 residential condos were sold and 68 per cent of retail and office space leased, Mady blamed the financial difficulties on cost over-runs caused by bad weather and sub-trade defaults.
Reply With Quote
     
     
  #180  
Old Posted Feb 4, 2015, 6:35 PM
Riverman's Avatar
Riverman Riverman is offline
Fossil fuel & rubber
 
Join Date: Feb 2009
Location: Ontario's feel good town
Posts: 4,019
I'm now glad this thread was restarted. Great comedy!

Although I suspect all of the people that gave deposits for condos are shit out of luck. That's not funny.
Reply With Quote
     
     
This discussion thread continues

Use the page links to the lower-right to go to the next page for additional posts
 
 
Reply

Go Back   SkyscraperPage Forum > Regional Sections > Canada > Manitoba & Saskatchewan
Forum Jump


Thread Tools
Display Modes

Forum Jump


All times are GMT. The time now is 9:02 AM.

     
SkyscraperPage.com - Archive - Privacy Statement - Top

Powered by vBulletin® Version 3.8.7
Copyright ©2000 - 2024, vBulletin Solutions, Inc.