A few more facts...
Hey! Sorry for disappearing for a bit. Had a spring break with my kids in there...
Yes. The building is now planned to be 57-storeys. There are still a few design details to finalize, but that's where we are currently at.
There were a number of reasons why it came to this, the most important being related to financing, construction start and an expected completion date window that must be met for purchasers. The bottom line is, with the financing agreement in place, the building starts construction and everyone wins. Without it... it's just a parking lot for a while longer.
In regards to deposits being held for 5-6 years? Umm, no. Sales started in Sept 2004. Not prior. We've sold over $250 million to date. Not exactly something to sneeze at. And sales are ongoing... and have had a little bump thanks to the financing announcement.
As it stands right now, the building will be about 919 ft / 280.1 m. So, it will be a little bit shorter, about 145 ft (vs. the 70-storey tower). If I recall, the 68-storey version was 1,017 ft. So, we're losing about 100-ft from the original 68-storey version of the tower. Which I believe is still taller than the original 60/65-storey Ritz version of the tower.
Regarding number of units. We're really not losing much per se, as we added a few units per floor when we redesigned the building to be 70-stories. Essentially, we will have about the same # of suites when the project was originally 68-stories.
Floors: 68 / 70 / 57
Hotel suites 265 / 291 / 261
Resid suites 109 / 147 / 118
Total suites 374 / 438 / 379
It's not as bad as it all sounds here. Do we wish we were building 70-stories. Of course. But bottom-line, we are thrilled that the building is moving forward with construction and look forward to seeing many of you there at the groundbreaking later this year.