THE OWNERS OF the new gaming centre in Prince Rupert say they've struck a deal with the Terrace Lumber Company to buy 20 acres of its former sawmill site. And they say they have an option to purchase the remaining 53 acres that are up for sale.
WestCoast Hospitality Inc. says it wants to build a hotel, convention centre and entertainment complex on the 20 acres.
It says additional lands would be used for small retail, restaurants, box stores and residences.
In addition to the just-opened Chances casino in Prince Rupert, WestCoast Hospitality owns the Coast Hotel in Prince Rupert and it has a majority interest in the Treasure Cove Hotel in Prince George.
"Terrace has a tremendously bright future and with the developments in Prince Rupert (container port), Kitimat (Alcan) and mining to the north, Terrace is perfectly situated to continue to be the service centre of northwestern B.C.," says WestCoast president Craig Briere.
The Sophia in Vancouver's Mount Pleasant neighbourhood is 85 per cent complete.
(CBC)
The Chandler Development Group Inc.'s H&H Yaletown project in Vancouver, and the Garden City building in Richmond have been placed in the hands of a receiver, the CBC has learned.
Almost 250 condominiums in those developments have been presold. Until this week, purchasers had no idea the developer was in trouble.
News that the Chandler Development Group is facing financial challenges comes on the heels of another developer, the Eden Group of Companies, citing financial difficulties for a decision to halt its third development in Vancouver in less than four months.
The Sophia on E11th Avenue and Sophia Street in the city's Mount Pleasant area went into receivership on Feb. 18 and the receiver, The Bowra Group, has 21 days to submit a plan to the courts.
Bowra has also been appointed to make sure that the H&H and Garden City projects get finished, builders get paid, and owners get their condos.
H&H is a 192-unit building, while Garden City is comprised of 108 units, according to a receiver manager's report to the B.C. Supreme Court.
Both projects were scheduled to be completed by the end of June 2008.
"The company was running into cost overruns, they were running out of cash and I think the lenders wanted to complete the project,'' said Bowra Group President David Bowra.
"But they weren't convinced it could be completed without the assistance of a third party. So they decided to apply for a receiver to be appointed."
The receiver has discovered that 23 condos in the Chandler Development Group projects were allegedly sold to insiders at prices well below market value, Bowra said.
They may get to keep their condos, but will likely have to pay today's prices, he said.
It appears that the other buyers will get their condos for the price paid as there is enough money available to finish the job.
Link to article.
Toronto-Dominion Bank chief executive Ed Clark says a significant slowdown is coming, and the Canadian economy will not decouple from the United States.
Speaking to a financial services conference in New York, Mr. Clark spoke positively of the domestic banking environment.
“I always say to people if you don't buy me, buy one of the Canadian banks,” he told the room of investors. “It's been a terrific story in Canada.”
But he added Canada's economy will not likely escape troubles south of the border.
“Our outlook is that Canada will not decouple itself from the United States,” he said, adding there will be an impact on the bank's business.
“We're sitting here, the guns of August, waiting for the war to begin and anticipating it,” he said. “... Over a year ago, I announced it was coming, and all I did was end up cutting expenses probably a year in advance. But I do think this time it really is coming, and we are going to have a significant slowdown.”
Courtesy the Globe and Mail