Looks like the good folks in Surrey will have to wait a while to reach for the “sky” as the developer for the Sky Towers has failed to obtain financing and subsequently the permits. For those of you who don’t these towers were supposed to be the tallest building in Canada, which was proposed for Surrey by their former mayor. However, that project was later shelved and transformed into the 36 and 40 story Sky Towers development, the tallest buildings between Vancouver and Calgary.
Now 880 buyers will have to look elsewhere to buy a place in Surrey and don’t worry your deposits are safe. The Developer, Young in Development (who?) was unable to get this project off the ground. This is nothing new to the people in Surrey as the 5 tower Infinity project has also hit a road block. This is what happens when you have 3rd tier developers in your city.
I was looking forward to this project as it was one of the better ones outside of Vancouver. Perhaps it will go ahead, the development junkie within sure hopes so.
Even though all the units have been purchased, the rising costs of construction and development have probably curtailed any profits that are to be made. Remember in Surrey the condo market is very cheap in comparison to other cities within Metro Vancouver. The Developer was probably going to lose a whack of money and decided to pull the plug. However, the developer is looking to secure financing via a joint venture with other developers. We shall see what transpires….
VancityBuzz.com
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