[ Update Sept 31, 2010: Read the most recent post on this subject Griffintown Project Revised: District Griffin Unveiled ]
Due to the economic situation, and the difficulty of accessing bank financing, Devimco (the Company behind the Griffintown Project) has informed the City of Montreal that it no longer needs to acquire all the land within the original project boundary at this time. Over the past two years, the Company has paid several million dollars in guarantees to the current owners, who have agreed to sign purchase options.
Completed its $210 million financial package for the purchase of all the land on the site and the Company held options to purchase 87% of area targeted by the Griffintown PPU. The deterioration of the economic situation and the financial world has changed its plans.
Devimco announced that, starting in 2010, it will implement an alternate scenario that better responds to the new economic and financial reality and that will conform to planning regulations adopted in 2008. Devimco will focus its first investments in the southern part of the territory.
This revised project, which would be predominately residential and, to a lesser extent, office space and shops, will occupy an area equivalent to 30%of the original site. Full details of this new scenario will be made public towards the end of 2009.
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Posted by: Deya Bautista - Real Estate Broker working as part of the McGill Immobilier team. Specializing in high end condos in downtown and Old Montreal. For buying or selling contact Deya at: 514.917.7889 
the Company has paid several million dollars in guarantees to the current owners,
"I Am Totally Agree "
This is a real shocker, what will happen now??