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

[jmt18325]

We should be compared to places like Hamilton and Quebec City. In Canada, we have no other equivalents.

[Bluenote]

Originally Posted by lilwayne

people who invested in condos say they are told its going to start in august September.. they have said on their website they are working on drawings


GIVE YOUR HEADS A SHAKE

Am I the only one that finds this comment far fetched?

They are STILL working on the drawings ? They been working on the. For 4-5 years ffs lol

Again in that time TNS drew their drawings. Got their permits. Got their builders and started building. Heck tbh they did all that in one year.

Skycity
They advertised for 4 years
Have done nothing on the property except put up a 50% sold sign.
And they are STILL working on the drawings. YET you say they are telling customers who bought condos they are starting in mid summer? Starting on what. The drawings !

[1ajs]

no they didnt do it one year viking you want to chime in on the timeline for tns or anyone els that knows the time to do a project that size from idea to shuvil

[rrskylar]

Originally Posted by jmt18325

We should be compared to places like Hamilton and Quebec City. In Canada, we have no other equivalents.

London and Kitchner-Waterloo closing in our little trifecta!

[Pinus]

Originally Posted by rrskylar

London and Kitchner-Waterloo closing in our little trifecta!

You must be fun at parties.

[Biff]

Originally Posted by Bluenote

They are STILL working on the drawings ? They been working on the. For 4-5 years ffs lol

Again in that time TNS drew their drawings. Got their permits. Got their builders and started building. Heck tbh they did all that in one year.

True North Square started their development planning Jun 2012.

It takes a long time for a $200+ million project to develop.

[esquire]

Originally Posted by Biff

True North Square started their development planning Jun 2012.

Then known as "Sopo Square"... let us all pause for a moment to express gratitude that that name never caught on.



Interesting fact, though... certainly gives a clear indication of how long it takes for projects on this scale to go from concept to construction.

[robertocarlos]

One episode of South Park took care of that name. Here at historical Kenny's House, we just hope the ice cream will not be 10 dollars.

[DowntownBooster]

Originally Posted by esquire

Then known as "Sopo Square"... let us all pause for a moment to express gratitude that that name never caught on.



Interesting fact, though... certainly gives a clear indication of how long it takes for projects on this scale to go from concept to construction.

Sure glad the final design of True North Square looked a lot better than that of the proposed SoPo concept drawings.

[Urban recluse]

Originally Posted by Bluenote

Why do you amd others ALWAYS compare us to cities that are nothinlike us.

I know I always compare our city to a world class cities

Compare us to places like Saskatoon or Halifax etc. Let's get real on that for once.

Not sure what you are talking about. Any comparisons I make are to cities similar in size such as Hamilton, Omaha, Des Moines, etc.

[jmt18325]

Originally Posted by rrskylar

London and Kitchner-Waterloo closing in our little trifecta!

Except not really. Winnipeg and Quebec City are actually growing away from Hamilton.

[biguc]

Yeah, QC and Winnipeg are in a race for a million that Hamilton can't hang with. No other cities are even close. Although Kitchener is building and LRT, which everyone in Winnipeg should find profoundly embarrassing.

Anyway, some of you need to spend more time in the Canada or proposals sections of this forum. 4 years is pretty normal for getting a project this scale off the ground. Toronto and New York have piles of massive proposals that have been lingering, going through endless redesigns, jumping through bureaucratic hoops, having developer drama for ever.

Originally Posted by esquire

Then known as "Sopo Square"... let us all pause for a moment to express gratitude that that name never caught on.

At least we can thank their attempt at trying to put over SoPo for giving us Bro Ass, the best neighbourhood name I've ever heard.

[Urban recluse]

Probably due to the fact that so many are submitted, not so in Winnipeg.

[1ajs]

Originally Posted by Urban recluse

Probably due to the fact that so many are submitted, not so in Winnipeg.

not really

u have an idea and a peic of land to develop or go looking (that can take months or yrs)
u sit down and figure out a rough budget for ur business plan of what ur looking to spend and do. you approach a bank and or investors if u need funding to fill a gap and negotiate with them figure out ur budget some more and as u move forward with getting your budget and business plan figured out can happen fast or very slow depending on the scale and complexities of what your budget has in it, as your working with an architect to deliver u a concept design for your budget that u take to the banks as u move forward can take months to get that far if not a yr. again concept designs change as well and ur budget and plan can change as ur idea grows adding more time to what your working and depending on the type of project such as skycity condos u will announce it with ur concept design to drum up sales to reach ur funding goals stipulated in ur business plan and contracts with the banks and or investors to move forward with construction even though ur prolly 2 yrs out from starting or more... but yea somewhere in there u hired a team of marketers and realistate people to push sales that takes time as well.. months to get ready and in place and as u move forward you start applying for permits and they start working their way through the system and when u feel satisfied that ur going to be able to do this u have the architects send the final design off to have electrical plumbing and structure designed and working drawings made up witch takes a yr or two to hash out on this scale of a project as u do geo technical for foundation work and pull permits for that and send stuff to the city for approval by their officials and get things in place then there's the zoning u also have to apply for that can slow u right down as it has to get approved by councle and its various sub committees 6mths to a yr for just that at least.... maybe longer depending if ur missing something that the city engineers need as u go back and fourth till finally u get ur demolition and or excavation permits so u can get ur foundation permit in to start work and that only if there's no utilities in the way such as buried electrical lines telephone water sewer ect and that can stall ur project if u have to wait for a utility company to then go out and plan how where to move it then do the work depending on the complexity if it can be done can take a yr or more depending if it involves upgrades along the way to do it or if u have to go back and redesign your building to go around it.... and once u got your permits if there's delays from these sorts of things your permits u got approved for can expire causing u to start the city process all over... then u also have to deal with investors and banks cause of timelines falling behind and they start asking questions and u have to renegotiate things and when u have fuzzy lines they can pull our leaving u in a pickle resulting in redoing things causing more delays.. sometimes causing a project to simply fail. and in the wpg market the uncertainty of the way the system works with profit margins are not necessarily worth the hassle if its only a million bucks on a 80 million dollar condo project on a short term hence why u have a company like fortress doing w it does its finding ways to squeez maximum profits out of tight margin projects smart but dodgy and questionable on how it does things no doubt.

least this is how i see things.


hopefully this makes sens i spent an hr writing the above.

[Wolf13]

Originally Posted by mash1975

If its a tax credit as mentioned I am sure Fortress will pass that along to the individual condo owners What a marketing tool no taxes for X# of years . Not going to happen they will keep proceeds as part of doing business.

They're not keeping, they're getting. These grants are designed for the developer, not the unit holder. TNS and 300 Main are getting grants of their own, as they go a long ways to help cover costs, not line pockets.

Originally Posted by Urban recluse

Land expensive in Winnipeg? Ahhhh, so it has joined the ranks of NYC, TO and Vancouver LOL. People can make all the excuses they want, but there simply is no vision in Winnipeg.

It is and it isn't. It's cheap compared to a true market, but expensive given our demand. Most of these surface lots are owned by individual operators who don't have the money or savvy to develop. They already have their land value to roll into the cost of building/selling, and yet they don't.

That means they are holding out for one big pay day, and that's it. So they're always pricing it slightly ahead of market... except our downtown market has no office needs and not enough residential momentum yet, so our willingness to pay isn't increasing fast enough.

Experienced ownership groups would have developed already.

Originally Posted by Bluenote

Why do you amd others ALWAYS compare us to cities that are nothinlike us.

I know I always compare our city to a world class cities

Compare us to places like Saskatoon or Halifax etc. Let's get real on that for once.

I'm all for realism but then let's aim up not down.

[Urban recluse]

Then there are the government-owned ones.

[Andy6]

Originally Posted by 1ajs

not really

u have an idea and a peic of land to develop or go looking (that can take months or yrs)
u sit down and figure out a rough budget for ur business plan of what ur looking to spend and do. you approach a bank and or investors if u need funding to fill a gap and negotiate with them figure out ur budget some more and as u move forward with getting your budget and business plan figured out can happen fast or very slow depending on the scale and complexities of what your budget has in it, as your working with an architect to deliver u a concept design for your budget that u take to the banks as u move forward can take months to get that far if not a yr. again concept designs change as well and ur budget and plan can change as ur idea grows adding more time to what your working and depending on the type of project such as skycity condos u will announce it with ur concept design to drum up sales to reach ur funding goals stipulated in ur business plan and contracts with the banks and or investors to move forward with construction even though ur prolly 2 yrs out from starting or more... but yea somewhere in there u hired a team of marketers and realistate people to push sales that takes time as well.. months to get ready and in place and as u move forward you start applying for permits and they start working their way through the system and when u feel satisfied that ur going to be able to do this u have the architects send the final design off to have electrical plumbing and structure designed and working drawings made up witch takes a yr or two to hash out on this scale of a project as u do geo technical for foundation work and pull permits for that and send stuff to the city for approval by their officials and get things in place then there's the zoning u also have to apply for that can slow u right down as it has to get approved by councle and its various sub committees 6mths to a yr for just that at least.... maybe longer depending if ur missing something that the city engineers need as u go back and fourth till finally u get ur demolition and or excavation permits so u can get ur foundation permit in to start work and that only if there's no utilities in the way such as buried electrical lines telephone water sewer ect and that can stall ur project if u have to wait for a utility company to then go out and plan how where to move it then do the work depending on the complexity if it can be done can take a yr or more depending if it involves upgrades along the way to do it or if u have to go back and redesign your building to go around it.... and once u got your permits if there's delays from these sorts of things your permits u got approved for can expire causing u to start the city process all over... then u also have to deal with investors and banks cause of timelines falling behind and they start asking questions and u have to renegotiate things and when u have fuzzy lines they can pull our leaving u in a pickle resulting in redoing things causing more delays.. sometimes causing a project to simply fail. and in the wpg market the uncertainty of the way the system works with profit margins are not necessarily worth the hassle if its only a million bucks on a 80 million dollar condo project on a short term hence why u have a company like fortress doing w it does its finding ways to squeez maximum profits out of tight margin projects smart but dodgy and questionable on how it does things no doubt.

least this is how i see things.


hopefully this makes sens i spent an hr writing the above.

That has to be your longest post ever!

I agree that it's a tight margin project and that it can take a long time to bring a project to market.

[1ajs]

Originally Posted by Urban recluse

Then there are the government-owned ones.

mb housing hasnt built anything in a long time they did that in the late 80's and early 90's with warehouses bizzar how they were ahead of their time on that

[NorthStarsProject]

Was told today that Sky City is 100% dead.

to put this into perspective. The city and Fortress have until May 15th to close any deal or would have to wait until September.

This will not happen of course.

So I was told by a city official they believe Fortress will be announcing a new condo development with their new partner and another partner for the spring '18 and will be giving unit holders an opportunity to purchase.

I was also told that 2 lawsuits are going to be filed against Fortress and the claim is to be filed in Winnipeg.

I can confirm what was earlier reported that Fortress in fact lost $$ in past projects and they have been told flat out to stay away from lots of architects and finance companies. Nobody wants to deal with them.

A large issue is the silence from various sides and was informed that shortly we should be hearing more truth and why Sky City will not happen.

[jmt18325]

Originally Posted by NorthStarsProject

Was told today that Sky City is 100% dead.

Well it's settled then