Luxist

Another huge condo tower is in trouble. We are back in Vancouver, this time for a look at the Jameson House a 37-story glass tower designed by Foster + Partners that would have condos priced between $500,000 and $5.3-million. Developer Tony Pappajohn recently told his contractors he was stopping construction because one of his key lenders had backed out of the $180-million project because of fears regarding the current market conditions. Pappajohn has been looking for a new lender to help save the project. Now a deep hole remains on the site and Pappajohn has to figure out what to tell the people who have put down deposits 105 of the 144 condos. He is quoted in the Globe and Mail as calling the situation a "market failure" rather than a project failure and certainly the news bears this out. After all, it was only last month that work stopped on another big Vancouver project, the planned Ritz-Carlton tower. 24/11/08