Vancouver developer considers condo relaunch
Via: CBC.ca
A Vancouver developer's plan to resume construction on a luxury high-rise building where work stopped last fall may be another sign that Vancouver's real estate market is picking up steam again.
Last October when the global economy tanked, construction on the six-star hotel and condominium tower on West Georgia Street in downtown Vancouver ground to a halt, leaving a giant hole in the ground. By spring buyers were given their deposits back.
The project was one of several cancelled across Metro Vancouver last fall and winter because of the real estate downturn.
But in June real estate sales in Vancouver were up 75 per cent over the previous year and prices were picking up as buyers took advantage of record low interest rates.
On Wednesday Joo Kim Tiah, the president of Holborn Group, told CBC News he is hoping construction of a more modest four-star version of the Ritz-Carlton project could begin this fall.
"If not the fall, then by early next year we will begin construction again, so that project is going to move ahead," said Tiah.
It is not clear yet if the new design would still carry the Ritz-Carlton name.
