Quote:
Originally Posted by Fischbob
- The hotel component is not yet confirmed, will depend on market conditions.
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Well if they know the stats at all, this wont happen.
I can see why you are all excited to see something built on the site because its been hideous for so long but think about this:
The city has currently:
- The highest unemployment of any metro in Canada
- One of the highest apartment vacancy rates in Canada
- highest hotel vacancy of major centres in Atlantic Canada
- High commercial vacancy rate
- stagnant population growth
If shovels do actually hit the ground on this proposal (which will be miniscule in height / scale in comparison to Hardman) you will all begin to wish they had waited for a better time.
Business confidence is low in the city now and developers know that, nobody in their right mind would come blazing in at this moment and build anything substantial. That's why they are saying "multi-phase development". Phase 1 will be small and they will use it to judge the market for future development. They will end up stalling after phase one for many years, and may even back out if current market conditions don't drastically rebound.
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