Hamilton The Moderne | ?m | 35s | Valery Homes | KNYMH

innsertnamehere

innsertnamehere

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the next [EDIT: Royal Connaught] phase, the 35 storey tower, is launching sales very soon as "The Moderne". May want to break out a separate thread for it. Notably this approval pre-dates the Hamilton height limit so this exceeds it by a few floors:

Phase-3-Hero-Rendering.jpg
 
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It clashes really badly with the historic building. Especially the inexpensive spandrel and the red glass on the balconies.
 
cbizzle said:
is there any update on the status of this
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This thing has been all over the place, and that was before the market slowed down. I want to see it get built, but Spallaci isn't transparent and this appears disorganized. The sales launch (if it even happened) seemed like a kneejerk reaction to The Design District starting. If it doesn't actually start by the Summer, it's back to the circular statements of "this fall" for eternity IMO.
 
Sales have actually started at least, in that you can walk into their sales centre and actually put a deposit down on a unit now.

How long it takes for them to move to construction, who knows.
 
It's unfortunate this hasn't been selling, but the developer hasn't been inspiring confidence. It's a slam dunk project but it comes from an era where executing a project like this in Hamilton was an afterthought. I would prefer if the rest of the site were sold to someone more qualified, like Slate. They'd be able to market and sell this instantly.
 
I wonder what "finalize presales" means or what timeline that entails. They have been at it for a very long time.
 
From what I'm gleaning they are relying on the sales of the units for the new building in order to fund the project. I guess they need a certain amt sold first before they can move ahead. They probably don't have deep coffers like some of the other projects do to pull from thus need to raise the money beforehand to work on it. I am sure the stone on the podium can't be cheap.
 
Chronamut said:
From what I'm gleaning they are relying on the sales of the units for the new building in order to fund the project. I guess they need a certain amt sold first before they can move ahead. They probably don't have deep coffers like some of the other projects do to pull from thus need to raise the money beforehand to work on it. I am sure the stone on the podium can't be cheap.
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Oh certainly. Im under the impression the threshold for this is closer to 80-90% of units however. Only the biggest builders can go ahead at 70% or less (the absolute biggest can get by on spec alone!). I'd be impressed if they were able to go from what, 10% to 80% without the Realtor network?
 
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