Work Stops At Vancouver's Ritz-Carlton Tower
Construction has stopped at the site for the 58-story Ritz-Carlton tower in Vancouver. The real estate developer, the Holborn Group, says that the work stoppage is not due to the economic crisis but that they are looking at design changes to the structure and attached parkade. The $500 million project is currently just a hole in the ground. Workers have been sent home and the signs announcing the building were removed. The sales office is now only open by appointment. So far 50% of the condo project has been sold (20 stories are planned for the hotel and 38 for the condo units). No word yeti on when the project will resume. The luxury condos have been priced between $2.5 million and $10 million, with the penthouse priced at $28 million.