The worst kept secret in condo land is the death of the Ritz-Carlton Vancouver. Naysayers called it six months ago when the developer halted construction for a “parkade redesign.” Today, Bob Rennie and the developer declared the project dead.
The Ritz-Carlton has a special place in my heart and not just because the condo looks like Robocop’s penis. The original ads ooze with the best of high-society fatuity. “I summer in the Hamptons… I winter in Aspen… My home, the Ritz-Carlton, Vancouver.”
The developer blames the worldwide economy — a perfect boogeyman given today’s headlines. This casts a fog over the specific factors that killed the Carlton, namely insanely high prices. Is anyone really surprised condos at $2,000 a square foot can’t sell? This is Vancouver, not Manhattan.