SkyCity Centre Winnipeg | 45F | 575 Ft | 175.26 M | Cancelled - Page 185

HomeInMyShoes · #**3681** Posted **May 31, 2018, 6:18 PM**

Apparently ours still is though. You can probably hear my sigh all the way in Winnipeg.

Pi3141592654 · #**3682** Posted **May 31, 2018, 6:21 PM**

Where is Ben Myers when you need him to promote stuff?

Biff · #**3683** Posted **May 31, 2018, 6:22 PM**

Quote:

Originally Posted by dmacc

Now CV can sell this to a legitimate developer to build something modest but useful. Maybe TN can build a nice 20ish story mixed use apartment.

^^^I doubt it....from the article:

"The developer said it is reworking its plans and intends to market a reimagined project in the future."

The lot will likely remain vacant for years.

still - <sad trombone.wav>

cheswick · #**3684** Posted **May 31, 2018, 6:22 PM**

Quote:

Originally Posted by dmacc

Now CV can sell this to a legitimate developer to build something modest but useful. Maybe TN can build a nice 20ish story mixed use apartment.

CV doesn't own it....

Pi3141592654 · #**3685** Posted **May 31, 2018, 6:33 PM**

Gems like this one

dmacc · #**3686** Posted **May 31, 2018, 6:42 PM**

Quote:

Originally Posted by cheswick

CV doesn't own it....

My bad, I don't know what I was thinking.

rkspec · #**3687** Posted **May 31, 2018, 6:47 PM**

Quote:

Originally Posted by cheswick

You're confusing people who invested in the financing of the project, with those who put down deposits for purchasing actual units. The deposits have been held in trust with a lawyer and are fine and untouched. The investments in the financing (see syndicated mortgages) is what is likely gone.

Aaaahhh, thanks for clarifying cheswick

CoryB · #**3688** Posted **May 31, 2018, 7:20 PM**

Time for mods to change the title to from proposed to cancelled and lock this thread.

esquire · #**3689** Posted **May 31, 2018, 7:22 PM**

^ Cancelled status makes sense but I wouldn't lock it, as there may still be news on the development's fallout.

DowntownBooster · #**3690** Posted **May 31, 2018, 8:57 PM**

There will be some outside of Winnipeg that will be happy to hear that SkyCity has been cancelled as they prefer our city to change as little as possible. It seems to give them comfort to know there are still some locations that are slow to change unlike Calgary and Edmonton.
It's too bad that SkyCity couldn't have been a combination of condos (top half) and apartment units (lower half). The best selling condo units were those in the top half of the building proving those people wanted a view (and would not be interested in a 20ish story building). There probably would have been others interested in renting so they could live downtown in that location but did not want to buy a unit. It's disappointing the project fell through as it would have been awesome to see two tall residential buildings (SkyCity and 300 Main) going up around the same time.

Wpg_Guy · #**3691** Posted **May 31, 2018, 9:08 PM**

Quote:

Originally Posted by DowntownBooster

There will be some outside of Winnipeg that will be happy to hear that SkyCity has been cancelled as they prefer our city to change as little as possible. It seems to give them comfort to know there are still some locations that are slow to change unlike Calgary and Edmonton.
It's too bad that SkyCity couldn't have been a combination of condos (top half) and apartment units (lower half). The best selling condo units were those in the top half of the building proving those people wanted a view (and would not be interested in a 20ish story building). There probably would have been others interested in renting so they could live downtown in that location but did not want to buy a unit. It's disappointing the project fell through as it would have been awesome to see two tall residential buildings (SkyCity and 300 Main) going up around the same time.

Do half and half developments exist elsewhere? sorry if im naive here.

DowntownBooster · #**3692** Posted **May 31, 2018, 10:26 PM**

Quote:

Originally Posted by WpG_GuY

Do half and half developments exist elsewhere? sorry if im naive here.

I'm not sure how common they are but one example will be a 43 story tower in New York called 685 First Avenue. The project is being developed by Sheldon Solow and will have 408 rentals in its lower portion and 148 condos in the upper part.

The Jabroni · #**3693** Posted **Jun 1, 2018, 1:53 AM**

Disappointed that it came to this, but glad it didn't drag on, and relieved that people will get their money back.

Stick a fork in it, folks. This project is all but dead.

GlassCity · #**3694** Posted **Jun 1, 2018, 2:35 AM**

Honestly, I never liked this project since I first saw it on SSP years ago. The tower is ugly, certainly too much so to be Winnipeg's tallest. I'll be interested in seeing what new thing Fortress dreams up.

Urban recluse · #**3695** Posted **Jun 1, 2018, 2:50 AM**

Height is great, design is blah.

dmacc · #**3696** Posted **Jun 1, 2018, 5:38 PM**

I saw a Free Press article that said Deposits will we returned to people. It sounded like the project was only 10% sold. I only read a portion of the article but that is much lower than the 50% on their signs.

cheswick · #**3697** Posted **Jun 1, 2018, 5:50 PM**

Quote:

Originally Posted by dmacc

I saw a Free Press article that said Deposits will we returned to people. It sounded like the project was only 10% sold. I only read a portion of the article but that is much lower than the 50% on their signs.

The 10% is referring to the amount a buyer had to put down as a deposit.

dmacc · #**3698** Posted **Jun 1, 2018, 5:56 PM**

Quote:

Originally Posted by cheswick

The 10% is referring to the amount a buyer had to put down as a deposit.

Ahhh, gotcha. I knew there was something I was missing. Though I wouldn't have been too surprised if that was all that put down deposits.

Pi3141592654 · #**3699** Posted **Jun 4, 2018, 1:07 PM**

Looks like more difficulty surfacing:

Real estate developer Fortress faces foreclosure battles as mortgage lenders circle

https://www.theglobeandmail.com/busi...s-as-mortgage/

HomeInMyShoes · #**3700** Posted **Jun 4, 2018, 1:41 PM**

^If anything, that might create a fire sale of assets which would be good news for Winnipeg and Regina in getting a couple of vacant lots in the hands of actual developers.