Quote:
Originally Posted by ColSJ
The Fundy Quay development is in this Tuesday's PAC agenda and here are a few main takeaways.
The development will be constructed in five phases. With an end completion date in 2032.
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TEN YEARS????
I'm not a fan of that plan. Clearly they are on a "pay as you go" model for the development and don't have the full ability to finance the project. Which I can understand.. but if the first tower isn't financially successful, that means you can say goodbye to the other phases and we will be left with a single tower that looks out of place on the waterfront. This has to be the reason for the long 2-year per tower building schedule. This means there is a lot at risk here for the overall progression of the waterfront and I hope council takes notice.
This isn't a massive development by any means. A similar complex could be built within a year or two in Toronto by a developer with deeper pockets. I'm sure it is a combo of financing and labour shortages...but still. I am not liking the 10 year timeline because a lot can happen between now and then.
I wonder if the developer has considered approaching a larger entity like Context, Tridel, or Daniels in Toronto to maybe speed up the development and help market it? As more baby-boomers start moving back east, it is a market I am sure these larger developers have their eye on.