Putting off the Ritz
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.
February 27th, 2009 at 9:07 am
Lilypad
Sorry, but I think I saw scullboy dressed as Mr Peanut to lure squirrels. Otherwise, I do enjoy discussing the REal world with ya.
February 26th, 2009 at 8:14 pm
NO-LYMPICS: I'm just saying that Squirrell (the Oscar winner) is safe because Scullboy is not interested in cooking her up and you, who are the second suspect in the squirrel abduction from my balcony, can't run fast enough to catch her, so she is SAFE.:) That's all. Just joking around…
February 26th, 2009 at 8:02 pm
RennieWhereRU?
As long as we have solif fundamentals like mountains and ocean RE will be fine.
Yeah….we predict Cities will be cranking up fine revenue.
That will help feep the RE fundamentals intact. Do your part and incurr tickets. That way, the cops have excuses to leave the REAL criminals alone and you will be too busy being pissed off to notice the B & E.
The bright side is if they get you for going .5 Km over the limit…the likelihood of getting car-jacked is reduced at least 15 % , even less if you are riding a moped.