SkyCity Centre Winnipeg | 45F | 575 Ft | 175.26 M | Cancelled - Page 98

Wolf13 · #**1941** Posted **Feb 2, 2017, 6:43 PM**

Quote:

Originally Posted by bomberjet

Ooh, interesting. bahhhhhhh maybe?

I couldn't find a lamb emoji, so just threw in Groundskeeper Willie. Brad lamb was my guess. bahhh bahhh. He's building condos in Calgary, but seems like the hoity toity type and likely look down on Winnipeg.

He can't be hoity toity, he calls himself the condo king... calling yourself the ______ king is something a furniture wholesaler or used car dealer does.

Quote:

Originally Posted by Finessing

I wonder if the SkyCity sales folks are disclosing to buyers that this building is cancelled unless they get the grant?

Well, they would likely go public to spin the blame onto the gov, unless of course they are being reasonable and not requesting the grant, as per bmyers, up front.

905er · #**1942** Posted **Feb 2, 2017, 6:50 PM**

I have lost most hope of this tower ever being built. I hope I'm wrong.. but this is just dragging for far too long.

bomberjet · #**1943** Posted **Feb 2, 2017, 6:54 PM**

Quote:

Originally Posted by Wolf13

He can't be hoity toity, he calls himself the condo king... calling yourself the ______ king is something a furniture wholesaler or used car dealer does.

Yes, yes. You are right. Just like the Pawn King on Ellice haha.

Quote:

Originally Posted by 905er

I have lost most hope of this tower ever being built. I hope I'm wrong.. but this is just dragging for far too long.

Well.. we've reached the point where they appear to have achieved the residential sales targets. Construction was slated to begin early 2017. We're hearing construction drawings have been worked on for months now. I still have hope it get's built. We'll see how things go over the next 6 months. I would expect over the next few months there will be some sort of announcements on retail and office components, and whether any sales or deals have been made. If nothing has happened in that time, then I would think this has far less chance of proceeding.

Finessing · #**1944** Posted **Feb 2, 2017, 7:32 PM**

Is there a single project where Fortress is the developer that has reached grade-level? To my knowledge, there is not. These guys have never built a thing and have no development experience whatsoever.

bomberjet · #**1945** Posted **Feb 2, 2017, 7:55 PM**

Someone posted on an earlier page they are bringing in an unnamed developer.

thefourthtower · #**1946** Posted **Feb 2, 2017, 7:55 PM**

Quote:

Originally Posted by Finessing

Is there a single project where Fortress is the developer that has reached grade-level? To my knowledge, there is not. These guys have never built a thing and have no development experience whatsoever.

Is Capital Pointe ever going to be built

cheswick · #**1947** Posted **Feb 2, 2017, 8:15 PM**

Quote:

Originally Posted by Finessing

Is there a single project where Fortress is the developer that has reached grade-level? To my knowledge, there is not. These guys have never built a thing and have no development experience whatsoever.

Depends what you consider as Fortress being the developer. There is that troubled project in Barrie that was started by Mady and Fortress took over which is close to completion I think?

They have a bunch of completed projects by Lamb and others on their website, not entirely sure the relationship there.

Finessing · #**1948** Posted **Feb 2, 2017, 10:15 PM**

Quote:

Originally Posted by cheswick

Depends what you consider as Fortress being the developer. There is that troubled project in Barrie that was started by Mady and Fortress took over which is close to completion I think?

They have a bunch of completed projects by Lamb and others on their website, not entirely sure the relationship there.

They are financiers on the Lamb projects. All they did was provide funding through syndicated mortgages. That's all they do usually except when the projects blow up they end up as developers because the original developer is gone and their investors are left holding the bag.

Collier Centre is still a mess as far as I can tell. In fact, Fortress is named in a lawsuit from the investors that funded it: http://www.thebarrieexaminer.com/2016/09/15/lawsuit-launched-against-collier-centre-owner

Quote:

'Fortress' marketing of its syndicated mortgages misleads investors with respect to the security of their investment,' reads the statement of claim.

'The result is that McDowell and Aversa and all other investors have lost their entire investment in the (Lakeview Condominiums and) Collier Centre.'

Fortress claimed after taking it over that commercial tenants would be in by the end of the year and residential tenants by January 2017. I haven't heard an update since then.

---

They also took over the Union Waterfront (previously Port Place) condos in Port Dalhousie after the previous developer exited. I bet that's another case where the investors got wiped out while Fortress walked with a tidy profit.

Flatland Metropolis · #**1949** Posted **Feb 3, 2017, 12:53 AM**

Quote:

Originally Posted by 905er

I have lost most hope of this tower ever being built. I hope I'm wrong.. but this is just dragging for far too long.

See: D-Condo

Biff · #**1950** Posted **Feb 6, 2017, 3:08 PM**

SkyCityCentre WPG Retweeted
Big Ben Myers ‏@benmyers29 10m10 minutes ago

Big Ben Myers Retweeted Avery Donsky

Huge news!! @SkyCityWinnipeg @KirkorArchitect @FortressRDI

Big Ben Myers added,
Avery Donsky @averydonsky
Fortress Real Developments Selects Edenshaw Developments Ltd. as the Co-Developer For SkyCity Winnipeg Tower https://lnkd.in/eKe2GTj
0 replies 1 retweet 0 likes

bomberjet · #**1951** Posted **Feb 6, 2017, 3:17 PM**

A public launch of the 'Offices at SkyCity', which offers 60,000 sq. ft. of commercial condominium space, is planned for this month.

OakbluffMB · #**1952** Posted **Feb 6, 2017, 4:20 PM**

Quote:

Originally Posted by Biff

SkyCityCentre WPG Retweeted

Fortress Real Developments Selects Edenshaw Developments Ltd. as the Co-Developer For SkyCity Winnipeg Tower https://lnkd.in/eKe2GTj
0 replies 1 retweet 0 likes

Ha, my guy in Toronto was actually right! I've never had an insider rumour before.

I guess we can finally get off the "Fortress hasn't built anything on their own" stuff.

Looked over the Edenshaw website, very cool tower called Chaz that they did.

I'm up to thinking this has a 60% chance of happening. Anyone else?

bomberjet · #**1953** Posted **Feb 6, 2017, 7:06 PM**

I think it gets built.

Biff · #**1954** Posted **Feb 6, 2017, 7:29 PM**

It had better get built otherwise I wasted my time putting that blue column in on my detailed "rendering of downtown".

Finessing · #**1955** Posted **Feb 6, 2017, 7:32 PM**

Why would Fortress bring in a co-developer at this stage?

Expect more excuses in the spring for why nothing has happened on this project. The good news is that involving a legitimate (albeit inexperienced) developer raises the chances of this happening from 0% to maybe 10%.

Wolf13 · #**1956** Posted **Feb 6, 2017, 8:38 PM**

Quote:

Originally Posted by Finessing

Why would Fortress bring in a co-developer at this stage?

Expect more excuses in the spring for why nothing has happened on this project. The good news is that involving a legitimate (albeit inexperienced) developer raises the chances of this happening from 0% to maybe 10%.

Fortress raises the money, but judging by the roller-coaster ride they've taken to get to this stage, they could use an ACTUAL developer to see this thing through construction.

And of course for capital supply to hedge their risks.