willwu
Active Member
Today busy.
Development costs are crazy high, especially here. They paid a pretty penny for the land and have to build an 800 space underground garage at no cost for Green P. That costs money.How can this project go into bankruptcy? They were charging $2k per sq ft.
From my understanding it had more to do with a cashflow problem. They had one too many projects under construction all at once and not enough capital/investors to support the build costs. Is a shame as some of these projects were promising.How can this project go into bankruptcy? They were charging $2k per sq ft.
How can this project go into bankruptcy? They were charging $2k per sq ft.
Development costs are crazy high, especially here. They paid a pretty penny for the land and have to build an 800 space underground garage at no cost for Green P. That costs money.
Because it's full of rich people and rich people don't take transit.Why is a parking garage necessary at Yonge and Bloor?
And that is allegedly because the COO was operating under false assurances from the CEO/CFO about the state of Cresford's finances.From my understanding it had more to do with a cashflow problem. They had one too many projects under construction all at once and not enough capital/investors to support the build costs. Is a shame as some of these projects were promising.
And that is allegedly because the COO was operating under false assurances from the CEO/CFO about the state of Cresford's finances.
I agree, it is a shame. Cresford's team was delivering some great projects.