Vancouver's Ritz Tower Scrapped

by Deidre Woollard (RSS feed)
Feb 25th 2009 at 10:02PM

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.

Tags: ritz-carlton, vancouver

Filed under: Real Estate Developments

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Reader Comments (Page 1 of 1)

kj Feb 26th 2009 2:16AM

haha woww i live in vancouver and this is the only building that was going to block the view of the top 5 floors of the new shangri la building...... i bet the un sold penthouse at shangri la just went from 18million to 25million