In Vancouver: Ritz Carlton Condo-Hotel Project Cancelled
February 27, 2009 by Deyanira Bautista
Filed under General Info
Missed opportunity of what could have been a great Development.
The Holborn Group stopped its 60-storey Ritz-Carlton project in downtown Vancouver after only 62 of the 123 units were sold. The $500-million luxury hotel and condominium project featured a 20-storey hotel topped by 40 storeys of condos.
“The development would have been the second-tallest building in the city and was scheduled to be completed in 2011.
Prices ranged from between $2.5 million and $10 million, with the penthouse set at $28 million. Buyers will get their deposits refunded.” -The Canadian Press
Reasons: Lack of pre-sales and the current economic downturn
“To get financing, you need a certain amount of presales – and because we didn’t have enough units sold, financing didn’t turn out the way we wanted,” Holborn president Joo Kim Tiah said yesterday.
Those sales didn’t meet the threshold of 75 the company, and potential lenders, were looking for, so the project was put on ice. – Globe and Mail
Posted by: Deya Bautista - Affiliated Real Estate Agent working as part of the McGill Immobilier team. Specializing in condos and revenue property in the metropolitan area of Montreal. For buying or selling contact Deya at: 514.917.7889 
At least the buyers are getting their deposits back. Check out all the lawsuits happening of those who have chosen not to complete their purchase. Macleans published a good sob story.
Some of these people bought without ever qualifying for the mortgage and with the slow market the now appraised units are valued for less than the pre-sale purchase price. This is not pretty real estate but is sure is a lesson in reality.