Benito
Senior Member
Today.
Toronto The Pemberton | 215.79m | 68s | Pemberton | a—A
- Thread starter greenleaf
- Start date
Benito
Senior Member
Today.
Benito
Senior Member
Today.
Benito
Senior Member
Today.
Benito
Senior Member
Today.
Benito
Senior Member
Today.
AlbertC
Superstar
Feb 6, 2020
drum118
Superstar
Feb 12
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v17
New Member
Big rumours of Cresford cancelling some of their projects. Stay tuned!
ProjectEnd
Superstar
And so it begins...
They've been able to keep this quiet for awhile. I'm curious about the strategy going forward. Limited buyers for sites like these ones because of the self-managed construction element.
They've been able to keep this quiet for awhile. I'm curious about the strategy going forward. Limited buyers for sites like these ones because of the self-managed construction element.
travis3000
Active Member
You guys think this one will go belly up? Isn't Cresford also doing YSL? Any chance of that being cancelled as well?
westtoeast
Active Member
Well that's bad news...I feel as though they were becoming one of the more consistent developers in recent years. I would hate to see any of their current projects cancelled (maybe apart from Halo).
Tunafish13
Active Member
For someone out of the loop, whats going on?
AHK
Senior Member
Curious as to why the self-managed construction element should, in itself, be a consideration. Condominium developers doing self-managed construction include Tridel, Monarch / Mattamy, Camrost Feldcorp, Conservatory Group, come to mind off the top. Or course many others contract out their construction project management, such as Concord Adex - which to me would not constitute a great reference for the outsourced construction management practice.
If a project was mis-priced to begin with, and turned out not to be able to be built economically, what difference would it make as to whether the construction project management was being done in house or contracted out?
travis3000
Active Member
I spoke with a source of mine who is very familiar with what's going on. It's not looking good for Cresford, I was told they will be cancelling/selling many of their projects including 33 Yorkville and YSL. The issue is that construction costs are too high, and have soared so fast that developers are struggling to pay the costs. The problem is the timing.....they sell their condo tower, and then don't start construction for over a year or more. By this time the price they were quoted has increased by a large amount. Developers without big pools of cash are left scrambling and that's where the problems begin. The One is going through the same problem right now, and to be honest it might be bottoms up for them as well.