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

[cheswick]

It's always easier to sell a condo that's being built/complete than a pre-sell. Streetside developments seems to have the financial wherewithal to build first and sell later.

[oftheMoon]

Originally Posted by wags_in_the_peg

look at their prices, below $250k for the most part. huge market diff b/w them and $500-$700k places

Agreed, but all the penthouses and more expensive units along with the purchase of a private terrace went first. Still not $500 - $700k though but neither was Glasshouse when they went to market.

Also, the $1M +/- units on the resale market Waterfront seem to move fairly quickly.

Would be curious to see how sales for a high-rise condo on the TNS site would do with prices from $300k and up. A very unique, new area in Winnipeg. I'd consider one and so would many I think.

[esquire]

^ Assuming the 4th tower gets built as planned, that leaves no room for anything else. So where would a TNS-affiliated condo tower go? Donald and St. Mary would be my guess, on the MPI parking lot. It probably wouldn't technically be part of TNS, but it would be close enough that you could market it that way.

[Roger Strong]

There's a parkade a block west and another half a block north. Both - on their top levels - have ramps going up into thin air for future levels to be added on.

Add a couple floors of condos instead. They'll have no shortage of parking.

/s...?

[Roger Strong]

The CBC Ombudsman responds to complaints from Fortress about their reporting on SkyCity: Following Fortress

[Wolf13]

Originally Posted by cheswick

It's always easier to sell a condo that's being built/complete than a pre-sell. Streetside developments seems to have the financial wherewithal to build first and sell later.

I'm pretty sure they don't do that...

In order to get construction financing you need pre-sales. And although Streetside is selling well, Winnipeg is not a risk-free market. Developers don't expose themselves to that huge financial risk, ever.

[Jets4Life]

Originally Posted by Roger Strong

The CBC Ombudsman responds to complaints from Fortress about their reporting on SkyCity: Following Fortress

Fortress is eventually going to come after SSP, and try to force the website to disclose IP addresses. They are determined to crush freedom of speech through any means necessary.

[Roger Strong]

Yup. That's why I'm careful to include citations.

[Finessing]

Originally Posted by Jets4Life

Fortress is eventually going to come after SSP, and try to force the website to disclose IP addresses. They are determined to crush freedom of speech through any means necessary.

They are extremely aggressive because they don't want people revealing their scam.

http://www.macleans.ca/economy/business/...pers-efforts-to-silence-a-critic-failed/

[rrskylar]

Originally Posted by Finessing

They are extremely aggressive because they don't want people revealing their scam.

http://www.macleans.ca/economy/business/...pers-efforts-to-silence-a-critic-failed/

Thanks for sharing!

[Bluenote]

Fortress is a joke. Maybe they should post about all the lawsuits against themselves. I hope we never allow them in this city again.

[Pi3141592654]

https://www.newswire.ca/news-releases/fs...rative-monetary-penalties-672327543.html

Reminds consumers about the risks of syndicated mortgage investments
TORONTO, Feb. 2, 2018 /CNW/ - The Superintendent of Financial Services has issued orders (linked below) following a complex and detailed investigation by the Financial Services Commission of Ontario (FSCO). The orders were issued, pursuant to a settlement, against eight parties that were involved with syndicated mortgage investments for real estate development projects in Ontario and elsewhere in Canada for which Fortress Real Developments Inc. was a developer or development consultant. (Fortress Real Developments Inc. is not a mortgage brokerage or administrator and is not a party to the settlement or the subject of any of the orders.)

The orders provide that the following four brokerages will pay a combined total of $1.1 million in administrative monetary penalties on consent:
Building Development and Mortgages Canada Inc., formerly known by the name Centro Mortgage Inc.
FFM Capital Inc.
FMP Mortgage Investments Inc.
FDS Broker Services Inc.
The orders also provide that the mortgage brokerage or broker licences of the following, as applicable, are revoked on consent, requiring them to stop all mortgage brokering business immediately:
Building Development and Mortgages Canada Inc.
Vince Petrozza
Rosalia Spadafora
Michael Daramola
Glenn May-Anderson
Ildina Galati-Ferrante, Principal Broker of Building Development and Mortgages Canada Inc. (BDMC), has surrendered her broker licence, requiring her to cease all mortgage brokering activities.
In addition, the mortgage administrator for these syndicated mortgage investments, BDMC, has voluntarily agreed that its mortgage administration functions for existing syndicated mortgage investments in real estate development projects for which Fortress Real Development Inc. is a developer or development consultant will be managed by a new arms-length administrator, FAAN Mortgage Administrators Inc., which will conduct business in BDMC's name. The new administrator will be in contact with all syndicated mortgage lenders/investors in the coming weeks.
FSCO is committed to protecting consumers in the sectors it regulates, including mortgage brokering. FSCO considers syndicated mortgages investments to be high risk, and notes they may not be suitable for the average lender or investor. Potential lenders or investors, including consumers and retail investors, are strongly encouraged to seek independent financial and legal advice before lending money through, or investing in, a syndicated mortgage. FSCO does not have the authority to offer restitution for any financial losses related to investments or its enforcement actions.
Additional Resources
Read FSCO's helpful tips for consumers on syndicated mortgage investments.
File a complaint about a mortgage broker, agent, brokerage or administrator
See all Enforcement Actions FSCO has taken in the mortgage brokering sector and other regulated sectors
Check FSCO's website for up-to-date information about the licence status of your mortgage broker or agent.
SOURCE Financial Services Commission of Ontario

For further information: For media enquiries only, please contact: Malon Edwards, Financial Services Commission of Ontario, Telephone: 416-590-7536, Toll free: 1-800-668-0128, ext. 7795, Email: [email protected]
Related Links
www.fsco.gov.on.ca

[esquire]

Might be time to merge this thread with Dreamscape

[cheswick]

Originally Posted by esquire

Might be time to merge this thread with Dreamscape

I'd wait til the end of April. That's when the St. Regis reverts back to Centreventure, assuming they aren't giving them another years extension.

[Roger Strong]

Originally Posted by Pi3141592654

Fortress Real Developments Inc. is not a mortgage brokerage or administrator and is not a party to the settlement or the subject of any of the orders.

Riiiiiight. The companies and people listed *ARE* Fortress. The people listed all run either Fortress or those finance-arm-of-Fortress companies. As the Financial Post writes:

FSCO said BDMC, the lead broker for Fortress projects, and three mortgage brokers — FDS Broker Services Inc, FFM Capital Inc and FMP Mortgage Investments Inc — which marketed Fortress products as their primary or sole line of business – were fined a total of $1.1 billion.
[...]
BDMC revoked the broker licenses of Petrozza and three other individuals, requiring them to stop all mortgage brokering businesses immediately.

If that sounds familiar....

2016: $3M to be paid to 'investor victims' of SkyCity execs' former company

The 2011 settlement banned Rathore and Petrozza from trading in securities for the next 15 years, but it settlement allowed them to continue trading in mortgages. ​Rathore was also banned from selling mutual funds in 2005.
[...]
"It's important to be clear that the order and the Ontario Securities Commission settlement it relates to have nothing whatsoever to do with Fortress Real Developments, SkyCity or any other projects Fortress is involved with."

[Finessing]

Ben Myers must have felt the noose tightening. Something tells me we won't hear from him again.

Too bad Canada doesn't take white collar crime seriously. A million dollar fine is a joke, as evidenced by these guys starting this scam AFTER being sanctioned and fined for the scam they were running before. Lock these scumbags up.

[esquire]

Originally Posted by cheswick

I'd wait til the end of April. That's when the St. Regis reverts back to Centreventure, assuming they aren't giving them another years extension.

This can't even be seriously within the realm of possibility anymore!??!

I guess the next phase of the conversation is what happens next to the St. Regis? I hope some careful consideration is given instead of just rushing with the bulldozers to knock it down and turn it into a parking lot.

[Roger Strong]

Originally Posted by esquire

I hope some careful consideration is given instead of just rushing with the bulldozers to knock it down and turn it into a parking lot.

The St. Regis, or Fortress?

Because I think that just happened to Fortress.

[Tacheguy]

Simplicity was on to these grifters from day one. I still miss that guy lol.

[HomeInMyShoes]

Does Winnipeg as a city have more power than Regina as a city in these matters? Based on the Capital Pointe discussion it doesn't seem my city has any power here. Is the provincial development legislation quite a bit different in MB versus SK? Soo many questions have I.

While Winnipeg isn't quite in the same boat yet, Regina has a gigantic hole and a major road with a rush-hour lane missing for a quarter block. A recipe for issues especially when it's used by six bus routes.