Vancouver’s Twisted Tower project cancels following poor sales
An upscale 60-storey hotel condo project planned for downtown Vancouver has been officially cancelled after construction was halted at the site in October.
Developed by the Holborn Group and designed by noted Canadian architect Arthur Erickson, the twisted tower, as the project was called, was to house a luxury Ritz Carlton hotel on the lower floors with 123 luxury condos above ranging from $2.5 to $10 million with a penthouse unit priced at $28 million.
Joo Kim, president of Holborn, said they had not achieved the sales needed to continue the project. “Only 62 units had been sold, not enough to move ahead and complete the project by 2011”, Kim said. The developer is sending letters to the buyers this week, informing them their contracts have been cancelled and their deposits will be returned.