The Ritz Carlton project in Vancouver is officially dead
With the announcement that the Ritz Carlton project is now dead, Vancouver's worst kept secret has been confirmed. However, does today's announcement have a possible benefit for the controversial Olympic Village project?
Just think of it, with the exception of the Athlete's Village, there are almost no more new luxury condominiums being constructed in Vancouver. Could the 62 folks who had purchased into a piece of luxury at the Ritz be enticed to head across the water and snap up some of the beautiful new condos under construction at the South East False Creek Project?
The only other comparable development left in the City is ostensibly the Hotel Georgia project, however, even that one appears to be moving at a snails pace. The last time we walked by it looked more like a library, than an active construction site.
So what has become one developer's misery, may very well become another's saviour if people still seeking luxury accommodation (yes, despite the global meltdown, there still are a few) decide to buy at the Athlete's Village.
I'm told that although the pace has slowed down considerably at the Olympic Village presentation centre, there are still people trickling in and plunking down their cash. One can only surmise that the death of other high-end projects in a City that once couldn't build enough of them will have some trickle down benefit for Millennium Development.
Now that Mayor Robertson owns the project, he'd be well advised to start hanging outside the Ritz office when they begin handing back the deposit cheques to those 62 folks. There are bound to be a few of them still looking to buy the last bit of ocean front property in Vancouver!