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

[BigG]

Originally Posted by bomberjet

Don't feed the troll folks, just mute.

No SkyCity outside his window.

[Jeremy6]

http://www.metronews.ca/news/winnipeg/20...ing-6-million-in-future-tax-revenue.html

"Downtown SkyCity tower close to securing $6.5 million in taxpayer dollars"

[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.

[Cyro]

Ignore function availble to posters if they so choose..

[robertocarlos]

Why doesn't the government just send every man woman and child a cheque for $15k. Then you do what you want with the money. Maybe give some of it to your teachers or the local firemen. Or buy a pizza or a condo.

[optimusREIM]

SkyCity is ready to rise, offering a vibrant urban lifestyle in the heart of downtown Winnipeg. Own "The Kennedy", a one bedroom suite offering sweeping views of Winnipeg's Skyline for as low as $610 bi-weekly*. Register today to learn how you can live life elevated! http://skycitywinnipeg.ca/own/

From the skycity Facebook. Not sure how people want to interpret the "ready to rise" bit but it could be an encouraging sign.

And bracing to get shat on in 3, 2, 1....

[bomberjet]

Originally Posted by optimusREIM

And bracing to get shat on in 3, 2, 1....

hahahahaha

I get this is how they do things. But so far it sounds like things are slowly moving forward. They got the grant from the City, now the Province needs to play ball. Biff, who is a reliable source, says there's other good news coming. NorthStars will continue to shat on everyone. So let's see how this plays out.

[lilwayne]

https://fortressrealdevelopments.com/projects/skycity-winnipeg/

March, 2017

Earlier this year, Fortress announced that they have selected Edenshaw Developments as the co-developer on this project. The Edenshaw team, led by Winnipegborn industry veteran David McComb, is a group of experienced professionals that are dedicated to delivering successful communities from site acquisition, design, approvals, sales and marketing through to construction and post occupancy customer service support. They will be leading the consultant teams on the project and will work with all municipal departments to bring this development through to construction and then completion. Edenshaw and Fortress are working on a construction schedule and budgets with EllisDon. On the sales side, the residential units are now 50% sold with over $52 million in sales. The commercial component was also launched earlier this year and there has been strong interest from several groups that would allow for all the commercial to be sold. The team is now focusing their attention to the retail component where the plan is to bring an anchor tenant on board to complete this mixed-use iconic tower. Visit www.skycitywinnipeg.ca for more details.

i wonder who they can attract for their retail component i guess they aren't just set on it being grocery any more...

i think a mini walmart would be nice fit there,

[tree]

Is that space large enough for even a mini walmart?

[GeneralLea]

Some good news for the project, from CBC and released 2 days back:

http://www.cbc.ca/news/canada/manitoba/skycity-fortress-grant-1.4075548

"Fortress initially balked at the new grant because of the payout over 10 years, city property officials said. But the company is now OK with the plan because it has secured a new development partner in Edenshaw Developments, said planning, property and development director John Kiernan.

"They had some concerns, originally, about nine months ago, about it not being a lump-sum payment," Kiernan said. "In fact, they get more money over a 10-year period by amortizing it out."

Executive policy committee voted 6-1 to approve the grant. It still needs to be approved by council next week."

[tree]

When / If this thing gets built when is it expected to be completed or at least reaching its maximum height?

[Bluenote]

Originally Posted by tree

When / If this thing gets built when is it expected to be completed or at least reaching its maximum height?

2025

[lilwayne]

i think they are telling investors that project construction would begin august 2017 and be completed late 2019 - first quarter 2020

[balletomane]

What are the odds that the grant will be approved by council, cause that's what matters most right now. If Mayes doesn't change his stance, Wyatt votes opposite of the rest (which often seems to be the case) and there is still a lot of pessimism about the project than the grant could again be cancelled.

I know they are looking for provincial money as well, but it seems like the PCs wouldn't even hand over $100,000.
Hopefully it works in SkyCity's favour.

[lilwayne]

the grant was offered to the project from the beginning why would they deny it... cuz it expired a year ago who cares council is not that inept that fool Meyers is a goof who knows nothing about creating density and building thriving urban environment... it was voted 6 - 1 this thing will be unanimous.. if it doesn't I will protest a fucking private investor wants to build a 190 million dollar project and u cant give them 7 million over 10 years what you on crack.. I would be so pissed by these backward thinking goofs I would have to go protest..

plus they would redevelop that god awful st regis hotel.. finally some private development in the core and these goofs want to argue it sorry I'm passionate about this but if these city councillors even consider going against 6 million over 10 years I would be outrageddddd..

[balletomane]

Originally Posted by lilwayne

the grant was offered to the project from the beginning why would they deny it... cuz it expired a year ago who cares council is not that inept that fool Meyers is a goof who knows nothing about creating density and building thriving urban environment... it was voted 6 - 1 this thing will be unanimous.. if it doesn't I will protest a fucking private investor wants to build a 190 million dollar project and u cant give them 7 million over 10 years what you on crack.. I would be so pissed by these backward thinking goofs I would have to go protest..

plus they would redevelop that god awful st regis hotel.. finally some private development in the core and these goofs want to argue it sorry I'm passionate about this but if these city councillors even consider going against 6 million over 10 years I would be outrageddddd..

I too thought Mayes argument was a joke...development of any kind comes at a cost. So, lets develop our city intelligently, and develop our downtown wisely, infill projects and increasing density is a lot smarter than expanding our city outwards, suburban development due to low density means that surface area growth almost always exceeds actual population growth, leading to sprawling cities like Atlanta. Obviously most people still prefer suburbs to living in the inner city, but this can change with projects like SkyCity and 300 Main, sure that doesn't mean young couples are going to be moving downtown with their children and pets in hoards, but creating a livable atmosphere where downtown is no longer perceived as a crime-ridden and a giant surface parking lot will at least make it more welcoming.
I hope the province cooperates with the development, even though Fortress has its issues, but the desire to make downtown better should far exceed the pessimism surrounding a company, if they can get it built, the city should support it. If needed, set strict guidelines for the construction timeline so we don't end up with Winnipeg's Capital Pointe.

[Urban recluse]

To reiterate previous discussions, the Exchange, West Broadway need townhomes. I can appreciate there are people/families who choose the suburbs because they cannot get this downtown or near it.

[Finessing]

120 investors likely lost $9M in syndicated mortgages tied to convicted fraudster

Sound familiar?

"You see all the houses being built, but the house was only half-finished and left there, but we were not told that," said Margaret Wong. "They said they had been constantly working on those houses, finishing it off. But you know they were just left empty."

CBC News visited Crystal Beach and saw a handful of partially finished houses on some of the investment properties, while others were still empty lots.

Some of the properties with half-finished houses were sold under power of sale and are now being completed by another developer.

Coming up tomorrow: Black Bear Homes's syndicated mortgages are just the tip of the iceberg, experts tell CBC News. They've seen these kinds of investments before — on a much bigger scale.

The lax oversight of syndicated mortgages is hurting Ontario investors with little relief in sight

For example, the lawsuits say investors were not told that developers receive less than 50 per cent of the funds raised, which is crucial information for investors to properly assess the likelihood of a project’s ultimate success.

One lawsuit alleges that approximately 35 per cent of an investor’s money is held by Fortress “as anticipated profits (years before any profits are actually earned).” The statement of claim states that funds also go to broker and agent commissions, and for legal advice provided to investors. They are told this advice is independent, but the lawsuit alleges it is not.

“Additional funds are retained to pay investors their ‘interest’ over the term of the loan. This means investors are paying themselves their own ‘interest’ from their capital they invested,” the lawsuit alleges.

It's only a matter of time now that this whole scam falls apart. You can fool all the people some of the time, and some of the people all the time, but you cannot fool all the people all the time.

[robertocarlos]

Originally Posted by Urban recluse

To reiterate previous discussions, the Exchange, West Broadway need townhomes. I can appreciate there are people/families who choose the suburbs because they cannot get this downtown or near it.

Why do they need townhomes? What is the difference between a townhome and an apt in terms of lifestyle?

[Urban recluse]

Really? You cannot identify any differences? A garage and yard.