Work halted on Ritz-Carlton condo-hotel tower
Published Thursday, October 23, 2008 8:20AM PDT
Work has stopped at yet another development in Metro Vancouver. This time it's a high profile $500 million hotel and condo tower on West Georgia St., between Thurlow and Bute.
It was supposed to be home to a 60-story high rise with a swanky Ritz-Carlton hotel and million dollar condos. But work has stopped before it even began.
On Tuesday morning, work crews locked up the site, which is little more than a gaping hole.
They'd been told by the developer The Holborn Group that the project will be put on hold
Holborn officials were unavailable for comment and a Vancouver real estate marketing executive wasn't revealing much either.
"I can only say what an owner authorized me to say, which is right now he's re-evaluating the design of the parkade and he doesn't want to have to pay for people on site,'' said Bob Rennie of Rennie Marketing Systems.
Holborn has not said when he will begin building again. Fifty per cent of the high end condos have already been pre-sold.
With a report by CTV British Columbia's Shannon Paterson