(Source: The Vancouver Sun)
Concrete forms now poke above ground at 838 West Hastings St. as signs that the landmark Jameson House condominium development is back from the financial intensive care of court protection from creditors.
The project suffered the loss of financing last fall and then a lengthy struggle to restructure under court protection, which included a battle with presale buyers, who argued the turmoil ought to have given them the right to opt out of their contracts.
And it all coincided with Metro Vancouver’s housing market downturn that saw sales collapse and property values contract.
However, Jameson House’s new partner and construction manager, Bosa Properties, vows that construction is back on track at what appears to be at a turning point in the market, although the manager hasn’t re-launched marketing efforts to unload the building’s 35 units that remain unsold.
Read Derrick Penner’s full article “Troubled condo project on the rise again after recovering lost financing” in the Vancouver Sun (September 19, 2009).