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Projects cancelled or on hold due to the Credit Crunch

The holiday inn type building is owned by Barclays Bank, it was the Head Office before they decamped to Canary Wharf, its the corner of Lombard and Gracechurch St....it ain't pretty, who knows maybe its not theirs anymore.I don't think its much older than 10 -15 years.

barclays.jpg
 
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Recently, there have been several projects cancelled and I thought it would be more appropriate to refresh this thread.

However, should/could the title be changed to "credit crunch or slowing sales" - mods?

Thanks

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Minto King West - 'paused' : re - Globe and Mail;
Westside Lofts Phase 2 (The Curve) - cancelled on Monday : re - urbanopolis received call from sales office.
 
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Credit agency cuts ratings on Dubai companies

From the Associated Press:

DUBAI, United Arab Emirates (AP) — Fitch is cutting its ratings on two companies tied to the Dubai government.

The credit rating firm says it made the downgrades Wednesday because of what it called the emirate's worsened economic outlook and the likely pressure this will put on the Gulf city-state's finances.

The downgrades affect Dubai Holding Commercial Operations Group, a holding company owned by Dubai's ruler, and state-owned utility Dubai Electricity and Water Authority.

Fitch cited poor transparency in cutting the ratings, though it acknowledges the benefit of continued government support for the companies.

Concerns have grown about Dubai's debt level in light of the world financial crisis.
Click to expand...

I guess the drop in oil prices are starting to hurt them.
 
Why are we talking about buildings that are not in Toronto? This is in the Greater Toronto Discussion forums.
 
^ Phase 2 won't be launching for quite some time. Essentially virtually any project in the planning stages right now will not be proceeding into the sales stage and there are a number of projects that have been in sales for a while that will be cancelled in Q1 and Q2 next year if things don't turn around very quickly.
 
Any news about California's being cancelled....I keep receivng e-mails from them of free stuff just for visiting their sales office?
 
I'm afraid we can add Minto King West to this list

California isn't being cancelled, it was in this month's edition of Condo Guide.
 
I have just heard that a major lender, who funds hotels,restaurants,commercial, and industrial projects has begun the process of lending again.

To begin, they have reduced the size and scope to which projects they will lend to, and the pool of funds which they draw from is also much smaller.

I hope this means we will have to start a new thread "Projects back on track after the credit crunch"
 
Cool, thanks for sharing that positive news.

In another thread, I see that Perfect 10 is not happening. This project seemed, however, to move along in fits and starts, and I wonder if its cancellation has anything to do with current market conditions or is just due to bad marketing, bad location, or some other combination of events.
 
1066 Avenue Road

I'm thinking the proposed 87 apartment development on the site of the old St James Bond church at 1066 Avenue Road, is on hold. The owners got what they wanted from the City a long time ago, and it makes you wonder? They haven't done a thing with the property they bought a long time ago either. The owners are into this one for a good few million and I wonder why they tolerate continuing dead costs, like carrying charges? Maybe the market for rich old people has shrunk, what with the portfolio losses they might have been sustaining recently?
 
A recent article on Wikipedia was written about the Skyscraper Index...

"The Skyscraper Index is a concept put forward in January 1999 by Andrew Lawrence, research director at Dresdner Kleinwort Wasserstein, which showed that the world's tallest buildings have risen on the eve of economic downturns. Business cycles and skyscraper construction correlate in such a way that investment in skyscrapers peaks when cyclical growth is exhausted and the economy is ready for recession. The buildings may actually be completed after the onset of the recession or later, when another business cycle pulls the economy up, or even cancelled. Unlike earlier instances of similar reasoning ("height is a barometer of boom"), Lawrence used skyscraper projects as a predictor of economic crisis, not boom."

http://en.wikipedia.org/wiki/Skyscraper_Index
 
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