Vancouver's Ritz Tower Scrapped
Last fall I mentioned that work has stopped at the planned 58-story Ritz-Carlton tower in Vancouver, now it looks like that stoppage is permanent. Canada's Globe and Mail says that the developer, Holborn Group has told buyers who'd bought condominiums in the $500-million project that it has been scrapped. Developers usually require a certain number of presales before building commences. In this case 62 out of 123 condos were sold, below the company's expected threshold of 75 units. That, combined with financing troubles, doomed the project. The tower was to include 20-story Ritz-Carlton hotel topped by the condominium units. The units would have been some of the city's most expensive, with prices from $1.4 million to nearly $30 million.