I can think of two reasons why this might be so slow, though have no insider info.
One, high interest rates mean construction loans for future phases of construction might be desirably delayed.
Two, they (dev) is hoping they will have to give back funds held by unit holders, so they can resell when economic and market conditions are stronger.

Perhaps I am being too creative here, and its just sheer incompetency, but why would this site have more issues (putting aside ingress and egress) than next door, or any other site for that matter with a multiple tower build occurring?
 
UrbanAffair said:
I can think of two reasons why this might be so slow, though have no insider info.
One, high interest rates mean construction loans for future phases of construction might be desirably delayed.
Two, they (dev) is hoping they will have to give back funds held by unit holders, so they can resell when economic and market conditions are stronger.

Perhaps I am being too creative here, and its just sheer incompetency, but why would this site have more issues (putting aside ingress and egress) than next door, or any other site for that matter with a multiple tower build occurring?
Click to expand...

One thing to note here is that the 'slow' is planned.

The construction staging permit shows they intend to be ready for above-grade sometime in October, and it appears to me they are on pace for that, but then take nearly 3 years to erect 42 stories or not far off a floor per month on average.

Then the best part of another 2 years for interior finishes which is equally slow and the two phases described would generally overlap in most builds....

They do have their new build permit lined up........
 
Last edited:
They did pay 300 million for the land, in a "distressed" sale, but which was actually quite market-based when you look at the metrics.
 
Pemberton has always been a slow builder if you look around all the other buildings they had recently (time and space (the google reviews are so sad to read), social, 543 richmond etc.). It seems to me what they are doing is just minimizing the workforce used at once (their contractors, such as marel drywall for example) so they don't get billed a whole lot all at once. The slower they build, the more they can spread out the $$$ payout to their contractors.

They know what they are doing, and they understand majority of these people buying their condos are investors who will never live there and are just going to rent them out/flip, so whether it is 2029/2030/2031 occupancy these people don't really care lol.
Plus, most investors would prefer the rate to be lower anyways when they take possession, by 2030 this should definitely be the case. :)
 
July 29
More up on my site
53902747821_ea235d7151_b.jpg

53903187085_9d31119102_b.jpg

53903099649_33486f61cc_b.jpg

53903001758_2bfd7971a3_b.jpg

53903099634_2e7aaa3de2_b.jpg
 
Collingwoodbuildinglover said:
So 11y is topped out and there's still two below ground
Click to expand...
How tall should this site be if the original developer did not go under considering there are 2 towers for the site??

Given it takes time to find another developer, deal with legal issues, reissue contracts, review plans to see if the design stay the same or are changes needed, doesn't happen overnight.

11YV is a fraction of this site and this site would behind 11YV in the first place.
 
Maybe so, but it's still going s l o w l y... slower than many other projects would be even if they also had issues.
 
You must log in or register to post here.

Back
Top