Projects cancelled or on hold due to the Credit Crunch

[urbandreamer]

Yes, that has been my theory as well. I "predicted" the real estate collapse years ago, actually when BA and RBC's new towers were in the planning stages--perhaps 2005? I said (somewhere online--UT perhaps?) that just as the buildings were completed the real estate market in Toronto would collapse. Most people on the forum called for my head....

 

[taal]

The key question though is what you based your previous comments on?
Speculation / pure supply and demand, or the reason we are seeing declines today? : - )

Either way, good call - I'll give you a virtual thumbs up

 

[cdr108]

Hmmm, didn't TO's proposed 2 tallest towers - 1BE come onto the market in 2006 and Aura in 2007 ?

 

[Hydrogen]

Yes, that has been my theory as well. I "predicted" the real estate collapse years ago, actually when BA and RBC's new towers were in the planning stages--perhaps 2005? I said (somewhere online--UT perhaps?) that just as the buildings were completed the real estate market in Toronto would collapse. Most people on the forum called for my head....

Has the real estate market in Toronto "collapsed?" What exactly do you mean by collapse?

As for your self-assumed power of prediction, real estate typically goes through cycles. When you've lived long enough, you'll discover that that your inferred predictive abilities are akin to prophesying the phases of the moon.

The slowdown in the housing was bound to happen, and this slowdown in Toronto is a result of something else, and not a "collapsed" real estate market.

 

[Automation Gallery]

Rumors of the Bow's demise are greatly exaggerated. I can tell you the Bow WILL be finished on time, there are some funding questions, but the project is chugging along. in fact, today the were assembling one of the giant Favco cranes.

Dont know if this is the same project.

http://www.skyscrapernews.com/news.php?ref=1941

 

[Edward Skira]

At least we haven't seen one of these yet. Chicago's Shangri-La got this far and then the money ran out. At least they can open the parking up for some cash.

 

[jks]

Wow, Chicago is really feeling the pinch from the credit crisis. Their trump tower is on hold too, and it's practically finished. Also, Vancouver, I recall their Shangri-La had some financial problems. Don't know what happened since then (Maybe it was the Ritz-Carlton, I really don't remember). So now, when I look at it, none of our MAJOR projects were canceled, just some average condo towers.

 

[taal]

Trump Chicago is on hold??

Isn't shangri la Vancouver complete?

 

[Archivist]

I believe he means the Ritz. Shangri La in Vancouver is done. From Vancouver's Metro paper:


City skyline nearly as bleak as markets
In Transit by Derek Moscato
January 05, 2009

The chaos on Wall Street continues to pummel the economy in the new year and is going to be felt locally.

In metro Vancouver, a signature of the economic boom years — so-called starchitecture — is about to take a major hit. Construction financing is harder to get and uncertainty and confusion are prevalent in the real-estate business. Which means some inspired building designs are on the verge of going down before ever getting the chance to go up.

What a shame.

Historically, many folks in the Lower Mainland have grumbled about the vanilla look of condominium towers. The harshest critics maintain that Vancouver’s skyline is less breathtaking than it is boring. Internationally renowned architect Arthur Erickson once referred to it as “blah.â€

That reputation changed, to some extent, with several sleek projects slated for the region — including one created by Erickson himself.

Dubbed “Vancouver’s Turn,†the Residences at Ritz-Carlton tower was designed by the locally based architect. But the downtown project is now suspended, pending “design changes.â€

The economic meltdown can’t take all the blame.

Last year, Vancouver-based Henriquez Partners Architects put forth plans for a sleek, 120-metre tower for the North Vancouver waterfront. But instead of embracing it, a group of area NIMBYs made enough noise to quash the project.

When it comes to inspired architecture in metro Vancouver, it seems, if nervous accountants can’t kill a project, neighbourhood activists most certainly will.

 

[jks]

Trump Chicago is on hold??

Isn't shangri la Vancouver complete?

Yeah, ritz, sorry

 

[Edward]

Trump Chicago is almost finished but there's money issues taking place. I think the lenders are trying to back out.

 

[ganjavih]

Yes, that has been my theory as well. I "predicted" the real estate collapse years ago, actually when BA and RBC's new towers were in the planning stages--perhaps 2005? I said (somewhere online--UT perhaps?) that just as the buildings were completed the real estate market in Toronto would collapse. Most people on the forum called for my head....

It's still a challenge to find a nice house in a nice neighbourhood in Toronto for under half a million. I'm still waiting for this "collapse".

 

[cabbagetowner]

It's still a challenge to find a nice house in a nice neighbourhood in Toronto for under half a million. I'm still waiting for this "collapse".

it's going to take some time for people to get used to a softening market. depends on what you consider a "collapse".

i think out of all the major cities in canada, toronto will fare the best.

 

[Hydrogen]

I was speaking to an architect associated with a prospective project near where I live, and he mentioned that he knew of thirty one projects winding down. He didn't want to mention names, but suggested that pretty much all of them were in the pre-excavation stage.

 

[jks]

But that basically means that all the proposed projects will be on hold until the recession ends. That's pretty much expacted.