Kingsett does not have the balls to develop this project.
They have the
balls (EDIT: let's say guts instead of balls, please) and the cash but not the builder expertise (i.e. they are not a SPA, condo sales and construction company except for limited value adds here and there). My guess is they will try to rezone and flip the land. Always a dangerous undertaking when someone who is not a full-service developer tries to rezone a property without understanding all the ins and outs of construction, sales, etc. Then a true builder takes over, or is considering a purchase, and realizes that the rezoning locked in certain things that make the project extremely difficult to build or get site plan approved etc. It's a risky move. In my opinion the smarter move is to partner earlier with someone who has the full-cycle expertise, and get the benefit of that throughout rezoning. (And who knows, maybe they do have a future buyer in the wings giving good advice etc.).
Also more garbage copycat work from Giannone Petricone. I don't understand why people keep hiring this firm. These buildings are so blatantly a BIG ripoff above (see Telus Sky & Vancouver House), with HPA ripped off in the small podiums (see Kingly at King & Portland and 12 Ossington).
Look at this truly confused north elevation... wtf