Quote:
Originally Posted by Alexander 90
Maybe Centre Venture will re-sell the St Regis to criminals Fortress again and lose another $5M. FAIL
"After investing $7.7 million in the St. Regis, CentreVenture announced in May of 2015 that it had sold the hotel to the Ontario based Fortress Real Developments for $4 million"
I laughed when these clowns came to Winnipeg and I knew nothing would ever happen. They sure conned many people in Winnipeg.
Centre Venture should be shut down already. 20 years is enough.
SkyCity was a real scam from before that start. They had it all planned out.
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Centre Venture did not lose money selling it to Fortress.
The City told CV to purchase the property to alleviate significant crime issues it was having. We can definitely debate the logic of that move but it was not a choice CV had. It was not intended to be a profitable solution, but something for the greater good of downtown to attract investment in the area. The Fortress transaction, like all CV deals, came with a development agreement, deadlines and penalties to cover any costs if they failed. There was always a high level of skepticism but there were few options and they offered a high reward if they could make it work. A framework was put in place to protect against losing money.
The agreement with this developer comes with a similar agreement. CV is doing its best to make the most of a difficult situation. Maybe they should have told the city they wouldn’t buy it, but at the time the city saw that as an important step for downtown.