SkyCity Centre Winnipeg | 45F | 575 Ft | 175.26 M | Cancelled

[lilwayne]

ppl purchased with the assumption that they would have a condo including specific amenities,

lets just have all those ppl who bought condos in the top 15 floors which are mostly sold cancel their investments

you ppl are so negative and don't understand how this shit works if you scale it down now you pretty much have to cancel the project altogether and start a new a sales pitch which ppl wont buy into because of being lead on and lied to before..

get out of here........ this proceeds as is or gets cancelled stop with other rubbish and bs you buffoons

[Wolf13]

Originally Posted by optimusREIM

Why are you hell bent on being such a pessimist?

Not sure.

Originally Posted by optimusREIM

We get it, Fortress is shady.

Ahhh. that's why.

I don't want to paint myself as a pessimist either, as I want this project to succeed. However, so many here are willingly avoiding the facts because we're so thirsty for something to happen in our boring city.

Winnipeg is filled with cynics who shout down anyone who succeeds... but the frustrating part is that everyone is happy to believe in the tooth fairy should she bring us a skyscraper.

We can cheer this project on, but damn let's keep our eyes open.

Originally Posted by lilwayne

ppl purchased with the assumption that they would have a condo including specific amenities,

lets just have all those ppl who bought condos in the top 15 floors which are mostly sold cancel their investments

you ppl are so negative and don't understand how this shit works if you scale it down now you pretty much have to cancel the project altogether and start a new a sales pitch which ppl wont buy into because of being lead on and lied to before..

get out of here........ this proceeds as is or gets cancelled stop with other rubbish and bs you buffoons

1. No, you don't understand how this shit works. Most of your posts in this thread are littered with whimsical fanboy reasoning and shortly after, discredited. Please stop thinking only with your heart here. We ALL want this to go ahead, but your understanding of the process and its potential outcomes is apparently minimal. I feel bad for saying it, but you keep repeating the same bullshit.

2. Of course they purchased with certain expectation. Plans change, and expectations sometimes are forced to follow suit. You present to investors the changes and why they're needed, and do the same to the condo purchasers. You most likely cut out middle floors if top floors are sold. Of course this is possible, because you might recall that this tower was announced as 50+, 62, 40, and 44 storeys on several occasions. If they decide they need to change the scope to make it work, then a new sales pitch is the easiest part.

3. There is only room for realism in real estate, especially for large scale projects. The reality here leaves a negative tone. You can't will this into construction through sunny ways or something similar. The old saying is "you have to try to kill the deal". If you CAN'T kill it, then it's a good deal and you proceed. This deal seems killable on many levels

4. I apologize for being blunt. However, it's a real estate forum where we do not want to just talk, but also understand it better; ergo, learn. I learn a lot from posts here and I'm not here to teach, but my goodness, we should all hope that this board helps us become a little smarter, or less ignorant.

You don't need to fight so hard against those who disagree with you (and can demonstrate why).



Note: Mildly edited to be less assholish

[Jammon]

I am wondering if there is any potential impact to this project based on the financial issues with the D-Condo development? Does it instill a bit of lack of confidence for big projects to get off the ground?

[Wolf13]

Originally Posted by Jammon

I am wondering if there is any potential impact to this project based on the financial issues with the D-Condo development? Does it instill a bit of lack of confidence for big projects to get off the ground?

Winnipeg absolutely has a confidence issue, albeit one that has shrunk a little; hopefully recent D Condo developments do not reduce that increased confidence. After all, the lender is still proceeding.

I don't understand the conflicts of it intimately, but it sounds like a Sandhu problem. Unfortunately Winnipeggers can be doom and gloom and assume that all developers are alike (ie read comments in cbc article on the matter).

If this project loses purchasers, they may go to SkyCity, if they're not afraid of Fortress. I can't imagine, however, that they'd go into another speculative project... I expect not Glasshouse, but boutique condos in River Heights/Osborne to get any spilled over demand (if any).

[urbandreamer]

I think it'll work at 40 storeys without the silly hat. Investors will still get their views, although most investors don't care about views just ROI.

[Finessing]

Has anybody worked out the numbers from an investor's perspective? I don't know enough about the Winnipeg market.

Based on sale prices, what kind of rental payment would be necessary to cash flow these condos? Is it realistic in the Winnipeg market?

[Wolf13]

Originally Posted by Finessing

Has anybody worked out the numbers from an investor's perspective? I don't know enough about the Winnipeg market.

Based on sale prices, what kind of rental payment would be necessary to cash flow these condos? Is it realistic in the Winnipeg market?

5% of purchase price for annual rent would be the norm, but our rental rates are going up a little these days... could be 6-7%

[bomberjet]

If a unit is $250k, at 5% that's works out to about $1040/month. Well within the market. Bump that for some profit and it's still fine.

Units start at $200k, and I don't think many investors will be splurging for the more expensive units.

Anyways, I've been paying a lot of attention lately to Trump's wheeling and dealings. This is Trump specialty. Bait and switch. Actually bait and flat out cancel. Trump and co are in very deep with Russian money. Astounding how he's allowed to be President. Maybe not for long, we'll see. Off topic.

[Cyro]

Originally Posted by Wolf13

... could be 6-7%

Sounds like a realistic % in the Winnipeg market..

[urbandreamer]

Wouldn't it be cheaper to just buy a building downtown Winnipeg and rent it out?

[bomberjet]

Originally Posted by urbandreamer

Wouldn't it be cheaper to just buy a building downtown Winnipeg and rent it out?

Not sure what you mean by that. The investors buy some old building and rent it out?

This is happening all over downtown. Old buildings being converted into condos or apartments.

Cheaper? No not really. Same thing with grants and all that jazz. Old buildings are expensive to renovate too.

[Wolf13]

Originally Posted by urbandreamer

Wouldn't it be cheaper to just buy a building downtown Winnipeg and rent it out?

Not cheaper.

These building require a lot of work.

Either way, $1050/month for SkyCity is definitely less than what TNS and Artis will charge.

[NorthStarsProject]

Just received word that there will be no major grocery store chain involved in new plans. Also heard that there is zero chance of construction starting anytime soon.

Been told by reliable sources that earliest possible construction date would be September/October.

There could be some shovels in the ground come June I in and around the area but was told it would have nothing to do with the actual construction of the building. So be careful what you
hear from their side as it could allow Fortress to mislead people.

I was also told one of the largest firms dropped out of the project and are working with TNSQ. But this happened about 6 months ago so its old news.

[DirtWednesday]

Love the smell of hearsay in the morning. So I hear. From reliable sources. That say things. #GoTrueNorth!

[HomeInMyShoes]

In other news...people should be able to move into Captial Pointe by the end of 2018.

Hahahahahah!!!!

[Finessing]

Originally Posted by HomeInMyShoes

In other news...people should be able to move into Captial Pointe by the end of 2018.

Hahahahahah!!!!

Don't worry, they're just straightening out a permit issue because blah blah blah

[Ando]

True North is doing things and building things in Winnipeg. Sky City isn't building anything in Winnipeg. Skepticism is going to remain and grow as long they aren't building anything. It's pretty simple.

[mitchellk12]

Originally Posted by Finessing

Don't worry, they're just straightening out a permit issue because blah blah blah

you would think for a project thats been proposed for 5+ years and digging for 1.5yrs that the permits would be sorted out by now..you dig 3 storeys down and then "oh...we havent got permits yet, we have to stop"

why even get started is my question, i would never start a project unless all the "permits and paperwork" is in one big pile stamped and approved.

I feel bad for those who purchased under Winnipeg sky city/Regina Capital Pointe....id hope fortress never plans to develop something like this in saskatoon.

[Finessing]

Originally Posted by mitchellk12

you would think for a project thats been proposed for 5+ years and digging for 1.5yrs that the permits would be sorted out by now..you dig 3 storeys down and then "oh...we havent got permits yet, we have to stop"

why even get started is my question, i would never start a project unless all the "permits and paperwork" is in one big pile stamped and approved.

I feel bad for those who purchased under Winnipeg sky city/Regina Capital Pointe....id hope fortress never plans to develop something like this in saskatoon.

It's all to create an illusion that the company is legitimate and that they are actually building things. Eventually the house of cards will fall (just like Jawad Rathore's previous company) as the lawsuits pile up, more investors get screwed, and more condo buyers are left without units. Until that time, Fortress will create the appearance of activity so they can extract money from the next fool. Look no further than this thread where there are countless people willing to slurp up whatever excuse Fortress comes up with for why none of their projects are moving.

[bomberjet]

^The Donald Trump special. He's made billions off swindling everyone.

Anyways, I'm pretty sure most people posting here are well aware of all the shit Jawad and Co have done. But we like tall buildings. We want to see this proceed based on it plugging a hole in downtown. Adding people, etc. If Jawad and Co don't get this going, what am I (and most others here) losing? Nothing.

All of your posts are about Fortress. So you must have a vested interest in seeing them fail. Much like NorthStarsproject. Maybe you're the same person, or working for the same people. I don't know.