What do you think of this project?

  • Total voters
    44
This project should've been a slam dunk. If true, I'm guessing the developer burned too many bridges with GCs with the height increase. I walk by the site often and hope it's filled quickly.
 
That is too bad its getting cancelled. I walked by it this afternoon going to Culina 2 Go and saw a scaffolding ladder and assumed they were starting back up on construction.
 
MacLac said:
Are we sure? It’s got a new sign and everything
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JMatt88 said:
When I walked by at lunch, I noticed a surveyor was on site (at least that is what it looked like to me). Not sure what that means, if anything.
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Could be doing a surveyors certificate for possible sale. Just a wild guess.
 
Nah, I haven't heard of any potential sale.... I doubt the developer would give up like that....

I suspect that the Surveyor was onsite to monitor the wall due to hold status requirements.

That or perhaps the developer is closer to securing pricing from the next GC who wants to document the site prior to starting... The second assumption is also valid as new subtrade price requests recently flooded the market.

One question I was wondering about, would the developer still receive the 2021 tax incentive as they qualified for the program at the time the hole was dug?
 
Baronmine said:
The hoarding has been removed, and the sidewalk reopened. Not sure how long ago, but I was passed there a few days ago.
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Yes this happened a month ago and was reported on in this thread. I believe the city required this due to public complaints and that construction was stalled for several months. The trailer that was blocking the bike lane and sidewalk is still around though - just moved to the vacant lot beside this one.
 
Every day that nothing happens on this site, I lose confidence that it will proceed. Financing these projects is hard enough without 2x GC departures and a big delay in the midst of rapid interest rate increases. Unless Open sky has very deep (internal) pockets, their investors would be none too happy with the state of this project.
 
Speaking with someone connected to the project, I was told that Open Sky has renewed the permit and plans to resume construction in early 2023. It sounds like they are using the current downtime to capitalize on falling material prices.

I saw some Clark Builders guys on site last month, may be a sign of what's to come.
 
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