Vancouver Development: Jameson House on Hold

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Another one bites the dust…?
It looks as though another tower is being put on hold due to the ongoing credit calamity the world is in. Frances Bula wrote in a special to the Globe & Mail that the luxury condo development known as Jameson House (116m 37 floors) will possibly remain nothing but a 21 metre hole in the ground for the foreseeable future. The reason being? You guessed it a major lender has backed out of the project. The lender is a Canadian Bank. No names were mentioned in the article, but if I were to venture a guess I’d say CIBC.

What is more disheartening (to skyscraper junkies like myself) is that 73% of the condos (ranging %500,000 to $5.3 million) were sold and most of the office space for the project was leased. The sales office also saw a steady stream of people up until the project being put on hold. But that was not enough as the developer has halted work on the site for fears of running out of cash to pay the bills. He is also looking to find another lender to step in with the $180 million shortfall. Rumours in development circles were abound that Concord Pacific had stepped up to the plate, however those were merely just that, rumours.

So the Ritz Carlton is on the fritz (apparently they are having neighbour issues and once that is resolved the project is a go), the Jameson is on hold, and Olympic Village is still going through its political debacle. We will welcome the world with numerous open pits alongside shiny new condos. What will be of the Private Residences tower? Is it the next to fall?

One thing is for certain, this is a world wide issue as projects all over have been stalled, halted, or cancelled. Take for example The Bow in Calgary.

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