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Ritz-Carlton project death sure to prompt questions on Little Mountain

February 24th, 2009 · 1 Comment

It’s official. The Ritz-Carlton project being developed by the Holborn Company is now being cancelled, with letters going on to buyers this week, as reported by Bruce Constantineau at the Sun.

This is sure to rev up the engines of those critical of what’s happened at Little Mountain, the social-housing project that the province awarded to Holborn to redevelop. Most of the people got moved out and it’s now sitting partially boarded up, but little is happening. Actually, I should say, nothing is happening. The city has been trying to get Holborn, which was Simon Lim but now seems to be represented by his brother-in-law in the media and at Vision Vancouver fundraisers, to at least start holding consultations with the community.

More pressure on the provincial government — just in time for the election, yes sir — to explain what it is doing with this empty site. Switching developers won’t help, since I don’t know of a developer in town at this point who is willing to start anything.

UPDATE: Got a brief message from Housing Minister Rich Coleman, who says the Little Mountain project is still on track to his knowledge at this point. and that BC Housing officials will be meeting with Holborn’s new CEO Friday. The province holds a large non-refundable deposit from Holborn for the site.

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  • Not running for mayor

    Simon Lim is the son-in-law, he was turfed out recently due to his inablity to make any final descions. He was replaced with the owners son, word on the street is nobody is positive he’s an improvement. Regardless this project sold at $2000/psf on average. Had Holborn been willing to lower the price even in half to $1000psf they would still turn a decent profit on this as their costs were projects to be between $500-600psf. You would’ve upset the original purchases for sure, but even if you agreed to lower their prices to the same $1000psf you’d net a small fortune, and this project would’ve sold very well at $1000psf. The truth is the RitzCarlton chain didn’t like the direction this project nor the ecomony was taking and they walked away a few months ago. While Holborn waited until now to make the announcement I don’t know, perhaps they were shopping the idea to another highend hotel chain ala Mandarian Orient…