SkyCity Centre Winnipeg | 45F | 575 Ft | 175.26 M | Cancelled

[Finessing]

Originally Posted by Wolf13

... theu haven't done anything super sketchy yet on this project, I should have said.

I completely agree with your point... despite their shadyness, I want them to succeed because then less people or nobody gets screwed and our downtown benefits.

I personally wouldn't invest with them in a million years based on their history and as a company, I remain highly critical of them. But SkyCity as a project, if it moves forward, I cannot be too critical about. Everyone skews presale rates and it's not easy to discuss grants without riling up Winnipeggers, not that I'm actively trying to justify them.

If this project was in its infancy, before anyone could invest or pre-purhcase, then I'd be more opposed, but by now the ball is rolling fast enough that the best way forward is through completion, hence my position.

I don't know why people still have this impression? It's clearly been a scam from the beginning.

http://www.cbc.ca/news/canada/manitoba/i...owed-interest-as-bonds-default-1.4124954

Investors who have put money into the startup costs of a massive downtown Winnipeg development are waiting on interest payments after finding out their bonds are in default, according to documents obtained by CBC News.

There are also questions about the actual value of the land on which the proposed SkyCity Centre development is to be built.

Fortress bought the land, which was and still remains a surface parking lot, for $9.5 million in 2013. The city currently has the lot assessed at $4.4 million.

The stated value of the land where SkyCity is supposed to rise has gone from $18 million in 2013 to $25 million in 2014 to $37.3 million in 2015, according to a series of valuations gleaned from investor documents obtained by CBC News.

The opinions of value were not done by an accredited appraiser from the Appraisal Institute of Canada.

Several proposed class action suits launched against Fortress and BDMC last year allege they provided investors with an inflated current value for the real estate.