Well since the news broke out a few weeks ago that The Ritz Carlton Vancouver hotel/condo development is having issues, rumours were abound of its immediate cancellation. Hell, even the website wasn’t working thus adding fuel to the fire. Hipsters were seen rejoicing with their drug of choice, cocaine at local underground bars. In the meantime yuppies saddened by the news resorted to retail therapy. Don’t fret Burberry is opening up soon at the Shangri-La.
Now I’m hearing rumblings that an application to city hall has been sent by the developer to increase the number of hotel floors. This makes a lot of sense because since the inception of this project Ritz Carlton wanted more hotel floors. At that time the condo market was still red hot and they opted for more condos, however fast forward 6 months and more floors for the hotel component makes a helluva a lot more sense.
For development junkies it is not exactly time to celebrate, not yet. In this economic climate there are no guarantees that this project will be completed. Until I see this thing reach above grade I won’t be celebrating.