Quote:
Originally Posted by whiteshadow
Not sure, but I do know the whole project is on hold. I know some people who are involved in the project's construction. Apparently the owner has no more money, the bank (Canadian Western Bank) has stopped paying the construction trades, and there's now a shitload of leans on the project.
Jobsite is completely shutdown now.
I did hear that they had serious asbestos issues that the owners and bank financers weren't made aware of until after construction had started. There's probably more than that, but I know asbestos was one of the biggest cost overruns there.
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Well, in that case I'll just post this here then.
The Plaza 500/Indigo Project has trades with monies owing by the Family that owns the hotel upwards of $300,000 to $400,000 at the moment. Construction as noted has completely halted, and has been that way for a little while now. There are numerous liens against the projects and property. The project's initial budget is shot and costs to complete the project have climbed over 300% for just the remediation and finishing. There is a massive asbestos issue within the building, further to that there is a massive mould problem in the building as well. The building was very very poorly constructed. To further that, the building doesn't come close to meeting any seismic code of today, and has the potentiality of not being structural sound period, there are several concrete balconies that are slowly breaking off the building, the structural integrity of some of the slabs could also be put into question. On a note thats a little more disturbing, the residential building next door to the Plaza 500/Indigo was built by the same Developer and Contractor at the same time. - This could be interesting to watch how it unfolds, there could be a strong possibility with further investigation this building could be either condemned or require serious, serious seismic and structural upgrades.