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

[Wolf13]

Originally Posted by pmuhar

I dont think fortress cares if it moves forward or not. They take most of their money/profit upfront from the syndicated mortgages in the soft costs. Im sure the executives also had some backroom deal where they worked out an agreement with the original owners of the land to use investor money to purchase the land at a highly inflated value and split the difference. Just my tinfoil hat theory though.

This...

However one must note the "conditions" from the city to extend SkyCity's building permit were unrealistic. Based on publically stated sales volume, there was no way construction drawings would be completed by the 31/12/2016

[WhipperSnapper]

Originally Posted by pmuhar

I dont think fortress cares if it moves forward or not. They take most of their money/profit upfront from the syndicated mortgages in the soft costs. Im sure the executives also had some backroom deal where they worked out an agreement with the original owners of the land to use investor money to purchase the land at a highly inflated value and split the difference. Just my tinfoil hat theory though.

Of course they care. Their business is reputation based. They need investors to profit. Otherwise, they would have let this one go instead of stepping in when the developer went bankrupt.

[Twoscents]

Originally Posted by WhipperSnapper

Of course they care. Their business is reputation based. They need investors to profit. Otherwise, they would have let this one go instead of stepping in when the developer went bankrupt.

Careful, they'll accuse you of working for the developer if you say they actually want to build the tower.

[OakbluffMB]

City continues to support the development: http://www.cbc.ca/news/canada/manitoba/fortress-winnipeg-council-1.3800805

[Biff]

SkyCity blog has a nice new video. The tower will certainly be a game changer for the skyline.

http://skycitywinnipeg.ca/blog/

[jmt18325]

Originally Posted by OakbluffMB

City continues to support the development: http://www.cbc.ca/news/canada/manitoba/fortress-winnipeg-council-1.3800805

In other words - no information was missing.

[Urban recluse]

I really hope this tower goes ahead.

[blueasajewel]

Just to clarify some of the terminology being used:

Purchasers = People who have bought condo units. Their deposits are protected by deposit insurance.

Investors = those who have subscribed to the bond issue put out by Fortress. These investments are secured by a mortgage interest in the land. The biggest potential issue occurs when the underlying land asset is not at least equal to the value of the mortgage.

[OakbluffMB]

Ellis DON selected as builder


http://www.edmontonjournal.com/business/cnw/release.html?rkey=20161013C2000&filter=5599

[blueasajewel]

http://http://www.cbc.ca/beta/news/canada/manitoba/fortress-land-values-1.3802841

Inflated land values....

I'm not sure how many investors are on board with SC at this point. My feeeling/thought is that Fortress has been funding so far as they seek outside investment to replace their position.

[Wolf13]

Originally Posted by WhipperSnapper

Of course they care. Their business is reputation based. They need investors to profit. Otherwise, they would have let this one go instead of stepping in when the developer went bankrupt.

??

They haven't been concerned with reputation in the pasyt...

Originally Posted by Twoscents

Careful, they'll accuse you of working for the developer if you say they actually want to build the tower.

There have been critics of of Fortress financing methodology, but have those accusations actually happened?

Originally Posted by blueasajewel

http://http://www.cbc.ca/beta/news/canada/manitoba/fortress-land-values-1.3802841

Inflated land values....

I'm not sure how many investors are on board with SC at this point. My feeeling/thought is that Fortress has been funding so far as they seek outside investment to replace their position.

Will you look at that, little Jenny Gerbasi being pro development! D'awwww.....

[pmuhar]

Originally Posted by CBC

In Winnipeg, Fortress paid $9.5 million in 2013 for the 1.1-acre parcel of land where SkyCity Centre is slated to rise. Fortress bought the land from Oggi Investments, owned by entrepreneurs Sabino Tummillo and John Garcea, which paid $5 million to acquire the land in 2012 from Huntingdon Capital Corporation.

http://www.cbc.ca/news/canada/manitoba/fortress-land-values-1.3802841

Almost a 100% profit in one year. Not too shabby or shady at all....

[WhipperSnapper]

Originally Posted by Wolf13

??

They haven't been concerned with reputation in the pasyt...

There have been critics of of Fortress financing methodology, but have those accusations actually happened?


Will you look at that, little Jenny Gerbasi being pro development! D'awwww.....

It's one thing to be critical of syndicated mortgages. It's another to ignore that Fortress has already financed dozens of developments through syndicated mortgages and relies heavily on those successes to attract new and repeat investors. I know of the securities scam the founders pulled off before Fortress. It comes with the territory.

[Wolf13]

Originally Posted by WhipperSnapper

It's one thing to be critical of syndicated mortgages. It's another to ignore that Fortress has already financed dozens of developments through syndicated mortgages and relies heavily on those successes to attract new and repeat investors. I know of the securities scam the founders pulled off before Fortress. It comes with the territory.

No, you're totally echoing my thoughts, I just wasn't sure that anyone on the forum had been accused of being part of their paid team.

I've looked into Fortress a lot, and while they have an impressive portfolio, they have an "impressive" rap sheet.... and all the major personalities amidst the various companies the work with have roles in other aspects of their work.

It's one thing to be a loyal client/service provider, but they dip their nachos in each others salsa a LOT.

Sometimes I wonder if they were scam artists who turned out to be talented developers and thought "hm, why don't we finish this one and see how it goes...?"

[bomberjet]

Another image of the board. Maybe can try to estimate whats behind his arm. Or use a previous image. Apologies for the large photo size, it's directly linked from Twitter.

https://twitter.com/SkyCityWinnipeg/status/788784944768102400

[bomberjet]

I count 181. Assuming all of the Albert suites are sold, and counting all other visible red dots. including the small slivers visible below his arm.

[bomberjet]

From a little while ago.

Originally Posted by lilwayne

this was from aug 31 and they were 190 units sold..

I cant wait to see this go up

I thnk between now and march 2017 they should be at around 250 units sold

[bomberjet]

I count another 11 dots hidden behind his arms, from the previous image. So that would bring the total to 192 by my count. There may be a few more units sold since the last image that are hiding behind the arm.

[emeraldeyes]

Why are rows 40, 42, and 44 a darker blue than the rest of the even number floors?

[bomberjet]

I think they had said the upper floors would be finished with premium quality materials. Maybe that indicates which floors. 40-44?