Quote:
Originally Posted by Monctoncore
I have it on word, and I can’t reveal my source that the Junction is done for awhile. There was some back and forth on the Hilton since they pulled the plug out Mapleton road way. There is possibly of some beautification around the empty lots, including facing main. Long story short, don’t expect anything for a year or more. As all conversations and plans are on hold for now.
Now this could change as I was told, but the word was there was some reservations because of other projects planned for downtown.
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I am not at all surprised by this.
I think Westmount and Du Parc are being cautious, perhaps justifiably so.
They were originally banking heavily on the Home 2 Suites by Hilton (before they decided to decamp their plans to Mapleton). Your post suggests that Hilton has also reconsidered their revised plans for Mapleton. Do you know this for sure? Is this what your contact says? I was hoping Hilton was just putting things off until the Mapleton/TCH interchange reconstruction was completed.
After Home 2 Suites decamped, their next plan was for a commercial/office building on the corner of Ivan Rand and Vaughan Harvey, then the office market in the city tanked.
Their options were running out.
Of course, they could just keep on building mixed use apartment buildings. This plan is obviously working very well. The existing buildings are popular, and the ground level commercial space is nearly full, but, with construction activity at the Gateway Towers ramping up, and Infinity Tower almost a certainty for next year, I can understand that they might be nervous about overcapacity in the marketplace.
I'm worried however that the pause they are planning might last longer than 1-2 years.