MacLeans has an Interesting article about the effect of failed real estate projects on cities:
It’s worth noting the location of the Ritz project is a particularly sensitive one for Vancouver’s bruised real estate ego. When the last bubble burst in the 1990s, a half-built concrete tower was abandoned there. For years it was an ugly reminder of the excesses the city’s real estate developers, investors and buyers are prone to. Now a six storey-deep hole in the exact same spot could prove to be an eyesore for months, even years, to come.
The full article is at the MacLeans website and is worth a read.