Construction at Capital City Centre, which must easily be the largest construction project on Vancouver Island and the future home of the Island's tallest towers, has slowed to a trickle while the developer completes paperwork for funding.
There are rumblings of financial issues forcing contractors off the site but the developer has not specifically addressed these statements.
Quote:
Construction slow-down at Colwood's Capital City Centre
By Mike Kozakowski, VibrantVictoria.ca
http://vibrantvictoria.ca/local-news...l-city-centre/
Construction at Colwood’s Capital City Centre mixed-use multi-phase residential, commercial and office project is at a near standstill as developer League Financial Partners awaits loan documentation for the remaining elements of phase 1a, the current phase being built.
“We are still three-to-four weeks away from having [our] final documentation done for the senior construction loan for phase 1a. We just received confirmation of our updated disclosure statement being filed with the superintendent of real estate yesterday,” wrote League co-founder Adam Gant when asked about recent activity slow-downs at Capital City.
Until the loan documentation is in hand, Gant says, “work will appear to be progressing very slowly.” [Read more]
|