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Winnipeg's SkyCity tower cancelled

June 16 2018

The tallest condo building ever planned for Winnipeg has been toppled before it started.
The SkyCity Centre condo tower has been cancelled, according to the developer, Toronto-based Fortress Real Estate Development.
Deposits are being returned to buyers who purchased 50 per cent of the 388 condos in the $200 million project.
At 45 floors, it would have been the tallest building in the city.
Buyers had put down 10 per cent deposits on condo apartments that were originally sold at around $400 per square foot when it began marketing five years ago.
“[It] is not currently viable to proceed to build this tower as originally planned,” according to a statement from Fortress.
SkyCity Centre, which also included street-level retail, was to open this fall, but the project faced repeated delays.
A proposed class action was filed in Manitoba's Court of Queen's Bench early in June seeking the return of deposits and other unspecified damages due to failure to deliver the homes on time.
Fortress said it intends to reboot the design and launch a new project on the same site, though no timeline was provided.
The current Winnipeg resale condo price is $236,000, down slightly from a year ago. Condo sales through the first quarter of 2018 were down 14 per cent from a year earlier, according to local real estate board data.

 

 

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