The Ritz Carlton work stoppage we reported on last October has been confirmed as a complete project cancelation. The developer is blaming the ‘global recession:
The half-billion-dollar Ritz-Carlton hotel-condo project in downtown Vancouver is officially dead — a victim of the global recession.
Buyers who purchased luxury condos in the 60-storey tower that was supposed to be built at 1155 West Georgia are getting a letter this week telling them the project has been cancelled.
The letter from lawyers representing developer Holborn Group states that “worldwide economic turmoil” has had a significant negative impact on the sale of units in the project, as it has with most other Metro Vancouver developments.
“As a result, sales have not met the developer’s expectations,” the letter states. ” … We hereby give you notice that the vendor cancels and terminates the contract due to the fact that the vendor has not entered into binding contracts of purchase and sale for at least 75 strata lots in the development.
“As a result of this termination, the contract is now at an end.”
Full article in the Sun.
photo-illustration by reader moldcity.