Ritz Carlton Vancouver Development on Hold
Work halted on the Ritz-Carlton construction site on Friday, and crews did not return on Monday after the weekend, leaving a giant hole in the ground near the corner of West Georgia Street and Bute Street in the heart of Vancouver.
Construction of one of Vancouver’s most prestigious condominium projects has been halted, but the developer says design changes, not the international credit crisis, are behind the move.
The building’s developer Simon Lim, president of the Holborn Group, told CBC News financial concerns were not behind the decision to put the project on hold. According to Lim, the work was halted so some design changes to the parkade can be made, and it made no sense to keep crews working. The sales office is open by appointment while those changes are underway, he added.
The 60-storey tower, which twists 45 degrees as it rises, is an Arthur Erickson design. The design features a high-end Ritz-Carlton hotel on the lower floors and 123 luxury condos on the upper floors priced between $2.5 million and $10 million, with the penthouse priced at $28 million.
Holborn’s next project, The Hills, is now delayed until the new year. The Hills, at Nanaimo Street and Kingsway, is to offer more than 280 units in a 22-storey highrise tower, a 6-storey mid-rise and a few townhomes. (Source CBC News)
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Do you think the person that buys the $28 million dollar penthouse is going to go for an interest only mortgage?