ProjectEnd said:
Yeah. Without ringing too many alarms, this is way more serious than anyone might have thought...
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That sounds concerning...

The pace of work has definitely slowed whenever I'm nearby, I thought it might've had to do with that one building envelope supplier going under.

I genuinely hope this isn't signalling some type of default or sale, this would be a huge amount of affordable rental units to lose.
 
Yes this is concerning but I can’t imagine help being too far away as it is so close to the finish line. On top of that they already have two tenants paying rent so there is some income coming in.
 
😬
Screenshot 2023-11-02 at 9.00.09 PM.png
 
sensitiveinspector said:
In speaking with someone who works at the company, Ellis Don vacated the bathurst site, this was roughly two months ago, I'm not sure if things have changed.
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Hmmm, that might explain delays in fitting out Bestco's space (the supermarket).
 
bkden said:
We all hate to admit it, but you’ve answered your own question - the added cost and schedule risk of “cool” projects is a killer.
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...while I get that, I'm not sure I entirely buy this. Mismanagement of funds could create this crises. So could unfortunate timing. A combination of any of those. And things I haven't thought about. Until we know the details of the what's and why's, and how things will play out...it could anything at this point.

I will say though, I do find this discouraging to those developers who want to take the high road here. So whatever is going on may have that negative impact to our industry if this project indeed goes pear shaped. And we think we got it bad with the this city's shite spandrel'poolaza now... /bleh
 
Early this year Westbank was having a dispute with the GC overseeing one of its Seattle sites.

They placed a $50.1 million lien on the property. So, it's possible they've been having some general financial difficulties for the better part of a year.

www.seattletimes.com

Flashy Seattle high-rise planned with a jet on site faces delays, liens

The 1200 Stewart project made a splash last year when the developer announced plans to suspend a decommissioned Boeing jet between two towers. Now, work has slowed and companies want their bills paid.
www.seattletimes.com www.seattletimes.com

(no paywall version): https://archive.ph/v61oj

I find it a bit odd on this particular project though, given they have a partner with deep pockets.
 
UtakataNoAnnex said:
...while I get that, I'm not sure I entirely buy this. Mismanagement of funds could create this crises. So could unfortunate timing. A combination of any of those. And things I haven't thought about. Until we know the details of the what's and why's, and how things will play out...it could anything at this point.

I will say though, I do find this discouraging to those developers who want to take the high road here. So whatever is going on may have that negative impact to our industry if this project indeed goes pear shaped. And we think we got it bad with the this city's shite spandrel'poolaza now... /bleh
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Absolutely - there are several things that could ultimately contribute to the unfortunate failure of a project. I was more so speaking broadly, when you're making those decisions to design a "cool" building, there is added risk for schedule and cost implications, and when you layer in added macro challenges like the current rising interest rates, that just amplifies those risks. At the end of the day, the bank doesn't care that your project is X months late BUT it has crazy design features. If they call your loan and you don't have the cash to play ball, that's a "you" problem.
 
I mean this project is 90% done at this point ? What would a realistic outcome be, it get' sold and converted to condos ? Surely it's not going to just sit empty or be demolished ?
 
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