Work Stops At Vancouver's Ritz-Carlton Tower

Reader Comments (Page 1 of 1)

10-22-2008 @ 5:26PM

Len said...

Hi Deidre,

Living in Vancouver this is all over the news. The developer's marketing agent is quoted as saying that the project was halted because when all of the construction costs were tendered, the price of raw materials such as concrete, rebar, etc...were through the roof.

They "supposedly" are renegotiating those contracts to get better prices before continuing construction. With it being just a hole in the ground currently, it is the best time to halt a project of this magnitude.

I guess we'll hear over the coming weeks or months, if this really is the case, or if it is more. If I were the developer, I can tell you that I would be doing the same thing.

Selling out the other half of the project in a downward real estate market, at costs fixed for an increasing market would be a sure ticket to bankruptcy for most.

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