Update on Millennium in Nanaimo
December 19th, 2008Looks like time is running out for Millennium to get its act together in Nanaimo to start the hotel complex beside the new convention centre. City may pull the project form Millennium if they don’t meet looming deadlines.
Just a thought, but maybe Millenium want to be axed to get out of an obligation they no longer feel is viable?
Just a thought.
December 28th, 2008 at 4:42 pm
“maybe Millenium want to be axed to get out of an obligation they no longer feel is viable?”
YUP–for sure– in my opinion
lotsa condos for sale in Nanaimo and there is a huge disconnect between pricing for new developments and established resale units…AND just as importantly, unlike Victoria and Vancouver, in Nanaimo there is STILL a good selection of pretty nice SF homes at equivalent prices.
Nanaimo has come a long way in the last decade, but, it took years before the high end Cameron Island condos sold out-and other newer waterfront condos are not selling (Edgewater-several years old- for one) and wont, until repriced (or auctioned)-and in this market–I wouldn’t want to be a condo developer anywhere at the moment-certainly not high end stuff in Nanaimo–the “pie in the sky” pricing just wont work. Eventually, yes-Now,no.