SkyCity Centre Winnipeg | 45F | 575 Ft | 175.26 M | Cancelled - Page 74

lilwayne · #**1461** Posted **Jul 29, 2016, 11:57 PM**

I think the project will proceed one way or another

160 units sold isn't bad they can easily move forward with a 40 floor building at this point... wouldn't make sense to just cancel the whole project altogether because you couldn't reach a certain number of units sold by a certain date. I think they may have to make some modifications or adjustments but there's no reason that this project shouldn't move forward in one capacity or another. I know it might be a blow to their ego and some investors might back away because the project is being downsized or they aren't getting amenities or floor they wanted but still even if they cut it by 7 floors it would still be the tallest or second tallest structure in Winnipeg.

they touted it as the tallest building from Toronto to Calgary I think they can still proclaim that even though its a little bit shorter than they previously announced.

mitchellk12 · #**1462** Posted **Jul 30, 2016, 1:27 PM**

Quote:

Originally Posted by lilwayne

I think the project will proceed one way or another

160 units sold isn't bad they can easily move forward with a 40 floor building at this point... wouldn't make sense to just cancel the whole project altogether because you couldn't reach a certain number of units sold by a certain date. I think they may have to make some modifications or adjustments but there's no reason that this project shouldn't move forward in one capacity or another. I know it might be a blow to their ego and some investors might back away because the project is being downsized or they aren't getting amenities or floor they wanted but still even if they cut it by 7 floors it would still be the tallest or second tallest structure in Winnipeg.

they touted it as the tallest building from Toronto to Calgary I think they can still proclaim that even though its a little bit shorter than they previously announced.

coming from saskatoon, this is great for winnipeg. id love to see this proceed.

design25 · #**1463** Posted **Jul 31, 2016, 1:43 AM**

Really? Build a shorter building so it can be built sooner? What a ridiculous concept. What do they tell the 30+ people who have bought units on the top 5 floors? "Sorry, we're in a hurry, so you need to forget about living here. Here's your 2 million dollars in deposits back"

Anyone who has bought a condo at SkyCity knows that it is planned to be completed in October of 2019. It's right there in black and white in the contract. This is the timeline every last one of the residents has planned for. There is still plenty of time to sell the less than 30 more units they had planned to sell before the end of 2016.

scryer · #**1464** Posted **Jul 31, 2016, 6:31 AM**

Quote:

Originally Posted by design25

Anyone who has bought a condo at SkyCity knows that it is planned to be completed in October of 2019. It's right there in black and white in the contract. This is the timeline every last one of the residents has planned for. There is still plenty of time to sell the less than 30 more units they had planned to sell before the end of 2016.

Even the swankiest condos or landmarks, in world-class metropolises can have their construction delayed. Don't hold your breath on this one; this is Winnipeg after all.

Without doing any research into their marketing strategy, it sounds to me like they may need a new marketing campaign.

design25 · #**1465** Posted **Jul 31, 2016, 7:43 AM**

Yes, I expect there will be delays. I was just responding to the idea that they should build a shorter building in order to get it built sooner.

scryer · #**1466** Posted **Jul 31, 2016, 8:31 AM**

Quote:

Originally Posted by design25

Yes, I expect there will be delays. I was just responding to the idea that they should build a shorter building in order to get it built sooner.

I understand the sentiment now

.

With this project, I would like to see it being built right as opposed to being built quickly as Winnipeg is due for another Landmark. I know we just had the CHRM built but Winnipeg doesn't have enough nice landmarks in the city, and the extra inner-city population wouldn't hurt either.

Urban recluse · #**1467** Posted **Aug 1, 2016, 5:02 PM**

Quote:

Originally Posted by design25

Really? Build a shorter building so it can be built sooner? What a ridiculous concept. What do they tell the 30+ people who have bought units on the top 5 floors? "Sorry, we're in a hurry, so you need to forget about living here. Here's your 2 million dollars in deposits back"

Anyone who has bought a condo at SkyCity knows that it is planned to be completed in October of 2019. It's right there in black and white in the contract. This is the timeline every last one of the residents has planned for. There is still plenty of time to sell the less than 30 more units they had planned to sell before the end of 2016.

Hurry? This project was announced years ago. It would not be the first project in history to be reduced in scale for construction to be realized. Aspirations are great, but shaving off a few floors is no big deal. It is critical to get people living here sooner.

YWG-RO · #**1468** Posted **Aug 1, 2016, 6:03 PM**

If they needed to cut 5 floors, would they not cut out the lower floors and leave the upper, larger, penthouse floors as is?

drew · #**1469** Posted **Aug 1, 2016, 6:26 PM**

For the price they paid on the lot, I don't think they can go with a smaller building. They would need to sell enough units at a certain price to get their profit out.

If they did make the building smaller, the price per unit would likely have to increase to compensate.

design25 · #**1470** Posted **Aug 1, 2016, 9:17 PM**

If they cut 5 floors, there would no longer be a 41, 42, 43, 44 or 45th floor. That's what I meant.
It's extremely unlikely that they will shorten the building in any case. Just because one forum member
posited this idea doesn't mean it's likely to happen. How do these ideas gain traction? sheesh

Cyro · #**1471** Posted **Aug 2, 2016, 1:14 AM**

^ I was wondering my self, I believe some one mentioned let's get it done now, and shave a few floors of this project. Drew is taking a more realistic approach to the initial post(s), I agree with his take on it.

robertocarlos · #**1472** Posted **Aug 2, 2016, 2:20 AM**

It won't be built. Another decade as a car lot and the land will have been partly paid for and then it can be sold for a small profit or loss.

Cyro · #**1473** Posted **Aug 2, 2016, 4:53 PM**

Quote:

Originally Posted by robertocarlos

It won't be built..

I guess we'll have to be patient and see where this project ends up.

Jeff · #**1474** Posted **Aug 2, 2016, 7:11 PM**

whatever powers are making d condo happen should be in power for skycity. no one thought it would ever happen but VOILA!

esquire · #**1475** Posted **Aug 2, 2016, 7:27 PM**

Quote:

Originally Posted by Jeff

whatever powers are making d condo happen should be in power for skycity. no one thought it would ever happen but VOILA!

Yeah, I have to admit when the rumours were flying around about the project's demise I thought it was done like dinner. It's great to see that it's rising. I'd love to see more projects in the Broadway Assiniboine area, but most importantly it would be nice to see a building or two go up on Broadway itself to freshen things up a little... as I've said before, Broadway kind of looks stuck in the 80s compared to the rest of downtown.

Wolf13 · #**1476** Posted **Aug 2, 2016, 9:03 PM**

Quote:

Originally Posted by Urban recluse

So one tower gets built there--sooner, great. They can move on to another of the many, many sites around the downtown which need developing.

True. But will they? Or will they say "it's easier to do this in Toronto"? I'm inclined to think they may only do this one property in Winnipeg. Or if they planned for 4, now just 2. Theoretically, since this is all forum speculation, I think Winnipeg benefits most if they can make a big project happen. However, I don't want Winnipeg to lose a project altogether if 44 storeys becomes unfeasible.

Quote:

Originally Posted by design25

Really? Build a shorter building so it can be built sooner? What a ridiculous concept. What do they tell the 30+ people who have bought units on the top 5 floors? "Sorry, we're in a hurry, so you need to forget about living here. Here's your 2 million dollars in deposits back"

Anyone who has bought a condo at SkyCity knows that it is planned to be completed in October of 2019. It's right there in black and white in the contract. This is the timeline every last one of the residents has planned for. There is still plenty of time to sell the less than 30 more units they had planned to sell before the end of 2016.

Doesn't matter when they PLAN to complete it... Construction financing requires 50% presales, and only then can they build. They've been sitting in this 150-160 (advertised) range for a while. Keep in mind, they still have to SELL A LOT of units past that to actually profit... depending on their bonds/financial exit strategy.

Nonetheless, if the top floors are selling well, they'l keep those. They'll instead Jenga out some less desired floors below.

Quote:

Originally Posted by Urban recluse

Hurry? This project was announced years ago. It would not be the first project in history to be reduced in scale for construction to be realized. Aspirations are great, but shaving off a few floors is no big deal. It is critical to get people living here sooner.

Yes. 100%

Quote:

Originally Posted by drew

For the price they paid on the lot, I don't think they can go with a smaller building. They would need to sell enough units at a certain price to get their profit out.

If they did make the building smaller, the price per unit would likely have to increase to compensate.

Correct me if i'm wrong, but I thought they got the lot at some flea market type price? No idea where I heard that from. Either way, I figured perhaps that's why they could sell some units under 200k.

Quote:

Originally Posted by design25

If they cut 5 floors, there would no longer be a 41, 42, 43, 44 or 45th floor. That's what I meant.
It's extremely unlikely that they will shorten the building in any case. Just because one forum member
posited this idea doesn't mean it's likely to happen. How do these ideas gain traction? sheesh

It's just an idea that we all know won't reach the ears of the developers.

Nonetheless, it's VERY common for a developer to downsize, and downtown Winnipeg is a size-me-down market