The Economy Grinds Vancouver's Ritz-Carlton Tower Construction To A Hault.

I learned about the Ritz-Carlton Vancouver while courting the folks at Avenue Road for a job. Avenue Road is a sister company of Yabu-Pushelberg who is responsible for the interior design of the Vancouver Ritz-Carlton among many other hotels. The economy is terrible, so it is not terribly surprising to hear of this happening, but I hope the construction folks find some new work!

Construction has stopped at the site for the 58-story Ritz-Carlton tower in Vancouver. The real estate developer, the Holborn Group, says that the work stoppage is not due to the economic crisis but that they are looking at design changes to the structure and attached parkade. The $500 million project is currently just a hole in the ground. Workers have been sent home and the signs announcing the building were removed. The sales office is now only open by appointment. So far 50% of the condo project has been sold (20 stories are planned for the hotel and 38 for the condo units). No word yeti on when the project will resume. The luxury condos have been priced between $2.5 million and $10 million, with the penthouse priced at $28 million.

Props to Luxist. You can read more here.