Jameson House | 116m | 37fl | Completed - Page 12

johnjimbc · #**221** Posted **Mar 6, 2009, 7:17 AM**

I'm not sure of the exact language, but most contracts and disclosures include some type of time-frame by which the unit must be completed for the purchaser. In the US contracts for new development are required to have a 24-month limit. I don't know if Canada has the same law, but I believe there is something similar.

They started marketing the Jameson project over 3 years ago at this point, and the sales center has existed almost that long. So I'd be surprised if some buyers don't already have some legal grounds to demand their deposits back. If not, I wouldn't be surprised if there are lawsuits.

And, as someone else mentioned, I cannot imagine that there isn't going to be some type of disclosure amendment at some point, which a buyer who wants to get out could just immediately reject.

My guess is if the project has any chance financially of moving forward, the developer - or new developer - will have to court the existing potential buyers a bit, perhaps a price adjustment and new contracts. They may lose some buyers in the process, but if they can hold on to part of them, then everyone - buyers and the developer - can start with a clean slate. This is the type of project that might well attract buyers who want a truly unique space in a one-of-a-kind iconic building. So one might be surprised how many stay with the developer - IF they are convinced the project can succeed - even with all the negatives in the air right now.

thefly · #**222** Posted **Mar 6, 2009, 5:17 PM**

Quote:

Originally Posted by johnjimbc

I'm not sure of the exact language, but most contracts and disclosures include some type of time-frame by which the unit must be completed for the purchaser. In the US contracts for new development are required to have a 24-month limit. I don't know if Canada has the same law, but I believe there is something similar.

They started marketing the Jameson project over 3 years ago at this point, and the sales center has existed almost that long. So I'd be surprised if some buyers don't already have some legal grounds to demand their deposits back. If not, I wouldn't be surprised if there are lawsuits.

And, as someone else mentioned, I cannot imagine that there isn't going to be some type of disclosure amendment at some point, which a buyer who wants to get out could just immediately reject.

My guess is if the project has any chance financially of moving forward, the developer - or new developer - will have to court the existing potential buyers a bit, perhaps a price adjustment and new contracts. They may lose some buyers in the process, but if they can hold on to part of them, then everyone - buyers and the developer - can start with a clean slate. This is the type of project that might well attract buyers who want a truly unique space in a one-of-a-kind iconic building. So one might be surprised how many stay with the developer - IF they are convinced the project can succeed - even with all the negatives in the air right now.

I have not seen this particular disclosure statement, but if there were a new developer appointed (or a change in control of the current developer) etc. that would be a material change requiring either a new DS or an amended DS to be filed with FICOM. This would bring with it rescission rights to parties who have already purchased.

Depending on the scope of the works etc. a change in the contractor may or may not be a material change. It would still require an amended DS but not all amendments give rise to rescission rights.

As for the purchase contracts - there would have to be a drop dead dead whereby the contract comes to an end otherwise it could be held to be void for uncertainty. Usually to be safe these drop dead dates are way beyond the likely closing dates - but as you mention this has been dragging for so long that these dates may be in play.

hollywoodnorth · #**223** Posted **Mar 22, 2009, 11:05 PM**

RIP Jameson!

Metro-One · #**224** Posted **Mar 22, 2009, 11:08 PM**

Why, what happened? they were not able to work out new financing or are you just basing that last statement off of nothing?

hollywoodnorth · #**225** Posted **Mar 22, 2009, 11:16 PM**

Quote:

Originally Posted by Metro-One

Why, what happened? they were not able to work out new financing or are you just basing that last statement off of nothing?

just starting to doubt this puppy will ever start back up in its current form

osirisboy · #**226** Posted **Mar 23, 2009, 4:22 AM**

I disagree I think that there might be chance. what wrong with being more optimistic im so sick of everything being fukin doom and gloom

jlousa · #**227** Posted **Mar 24, 2009, 2:43 AM**

I'm fairly optimistic that this project will go ahead, but very pessimistic that it will be in it's current form. I'm always happy to be proven wrong though.

jlousa · #**228** Posted **Mar 24, 2009, 5:31 PM**

On that note the crane is coming down this Sunday Mar 29th.

sono65 · #**229** Posted **Mar 24, 2009, 6:48 PM**

Quote:

Originally Posted by jlousa

On that note the crane is coming down this Sunday Mar 29th.

Ouch, so could that mean that all parties have given up? Or is there still hope for a revival/redesign in the near future?

rather_draconian · #**230** Posted **Mar 24, 2009, 7:00 PM**

Aw..how do you know that, jlousa?

hollywoodnorth · #**231** Posted **Mar 25, 2009, 12:41 AM**

Quote:

Originally Posted by rather_draconian

Aw..how do you know that, jlousa?

http://en.wikipedia.org/wiki/Jesus

same first letter in the name....see where I'm going with this?

ALL HAIL OUR LORD JESUS-LOUSA!

Canadian Mind · #**232** Posted **Mar 25, 2009, 1:21 AM**

Thought Jesus's last name was Christ.

jlousa · #**233** Posted **Mar 25, 2009, 4:38 AM**

In real life I'm a very likable guy that has lots of very important friends that tell me things. A lesson I learned a long time ago, it's not what you know it's who you know, being popular pays better then being a know it all.

jlousa · #**234** Posted **Mar 26, 2009, 5:02 AM**

here's the offical release by the COV.

Quote:

There will be crews removing a crane from the Jameson House site on Sunday, March 29th. The traffic restrictions and closures are as follows...

- Full closure of W. Hastings between Howe Street and Hornby Street
- Local traffic only on W. Hastings between Burrard Street and Hornby Street
- Closure will be in effect at 4:00am, Sunday March 29 and will be out no later than 6:00am, Monday March 30
- No stopping restrictions will be required on the north side of W. Hastings between Howe Street and Hornby Street during the above stated hours

In preparation for the work, Valley Traffic will make application for a noise variance required to facilitate the scheduled work. The sequencing will be as follows...

- 5:30am to 7:00am Valley Traffic on site to set up closure
- 7:00am to 8:30am Kansen on-site to set up mobile crane
- 8:30am to 6:30pm Kansen tears down and ships out tower crane
- 6:30pm to 8:00pm Kansen tears down mobile crane and demobilizes
- 8:00pm to 10:00pm Valley Traffic tears down closure

Traffic delays are expected and motorists are advised to use alternate routes.

phesto · #**235** Posted **Mar 26, 2009, 5:21 AM**

So did Bosa drop it? or was the crane removal planned all along? (ie. this is not an indication of the course of current negotiations)

Sometimes it's hard to tell whether people on here are being secretive or purely speculative.

btw, I haven't heard either way...

Metro-One · #**236** Posted **Mar 26, 2009, 5:22 AM**

So what is the plan then with the site? Just to leave those heritage building literally on the edge for years. And what about the work that has already been done on the foundation?

vansky · #**237** Posted **Mar 26, 2009, 6:22 AM**

the automatic parking car thing is what's more important, i hope they have more towers having this later.

Metro-One · #**238** Posted **Mar 26, 2009, 6:33 AM**

Quote:

So did Bosa drop it? or was the crane removal planned all along? (ie. this is not an indication of the course of current negotiations)

Sometimes it's hard to tell whether people on here are being secretive or purely speculative.

btw, I haven't heard either way...

Haha, i know how you feel. Right now a small part of me is wishing to hear that they are taking down this crane because they believe they would be better off using a tower crane from now on. One can dream.

jlousa · #**239** Posted **Mar 27, 2009, 1:29 AM**

Definitely lots of activity on this project right now.

As per the city, the crane is coming down on the 28th. See above post.
Well now as per the city a crane installation will take place on the 4th and 5th of April.

Quote:

Project 3095 Overview

TOTAL CLOSURE - 800 W. HASTINGS
Community Area: Downtown

Status: Road Closure

Location: W HASTINGS ST Hornby to Howe

Project Start:2009/04/04
Expected Completion: 2009/04/05

City Contact: Alan Reese 604-873-7423

Description: On Saturday April 4th and Sunday April 5th the 800 blk of W. Hastings will be closed for crane installation.
Traffic delays are expected and motorists are advised to use alternate routes.

It's almost as if Ellis Don has been asked to leave the site and a new contractor is coming in and bringing their own equipment...

vanman · #**240** Posted **Mar 27, 2009, 1:55 AM**

^ What the hell would SSPVancouver be without you man........