Thanks to Vansanity for this tip – apparently all excavation work has stopped on the Residences at Ritz-Carlton site on West Georgia street in downtown Vancouver. Word is that everyone was told to stop work and leave the site on Friday Oct. 17th, leaving the excavation about 60% finished. All signage advertising the Residences at Ritz-Carlton have been removed from the site scaffolding and all construction trailers have been removed. I couldn’t find a text story link confirming this information, but I did find this CBC news video report on the situation.
According to that report the developer is saying that this is not due to any credit market problems (as we’ve seen in a number of other lower mainland condo developments). The developer says that although sales have been slow, financing is in place and there are enough presales to move ahead with the construction. The developer is saying that they are going to be doing some ‘modifications to the design’ and that there’s no point in having work going ahead, or having the presentation sales center open until those modifications are done. At this point there’s no indication as to when work may continue, but we’ll keep an eye out for developments on this story.