586 replies to this topic

[LJ]

I think the first issue was 8% this one is 7%.

[Bob Fugger]

So lemme get this straight: the risk is now higher (given where the economy has gone) so they're lowering the reward. Isn't that how high finance works in the Bizzaro World?

[yodsaker]

This is such a scam and a move of desperation in my mind...What could have been ADDED to a beautiful old building that I'm sure holds so many memories for so many people (I know it does for me) Greed got in the way, and now we have an eyesore for all to enjoy, at least we don't have another empty pit.

A viable business handed to him by his parents and he turned it into rubble.
Feh!

[AnonAnnie2]

....the owners will show off plans for the $52-million project that will replace the old hotel, announce a start date for construction and thank the community for its support.
They will also be letting out a massive sigh of relief, as the project is finally set to get underway more than two years after the old hotel was razed.
"There will be a sigh of relief for sure, but Shawna and I are ever mindful that this world throws lots of curve balls at you, so we have lots of hard work to do yet and we're staying very focused on that," said Walker.
Walker said one of the reasons for the picnic, which runs from noon until 4 p.m., is to thank the community for sticking with them through the delays in constructing the new Oak Bay Beach Hotel.
He also intends to announce a date when excavation will start for the new hotel's foundation.
"We're looking good to go for a construction start in November," said Walker, who expects the new 100-unit hotel with 20 residential units to open two years later.
Ironically, the delays might have actually improved the project's bottom line. Walker notes that over the last two years, the labour market has loosened up and construction costs have dropped.
"Our construction budget is still $52 million, but we are waiting for our final cost estimates to come at the end of this week and we expect some reduction in those costs."

That could include the Oak Bay Beach Hotel and a new development being proposed by Prestige Hotels and Resorts for Sooke.
According to Sooke Mayor Janet Evans, Kelowna-based Prestige has purchased waterfront property off Sooke Road and intends to hand in a rezoning proposal in the next two weeks.
"They bought property, so we know they are serious," said Evans. "And it's absolutely needed in Sooke. We've been waiting for it for a long time."
Evans said depending on the rezoning process, Prestige hoped to start construction in October and open in 2011.
No details of the project were available from Prestige, which operates nine resorts in the Okanagan and Kootenays.

[Holden West]

^ http://www.timescolo...4537/story.html

[G-Man]

I've stayed at the Prestigein Kelowna a couple of times. It is pretty nice though the location has gotten kind of seedy...

[spanky123]

Don't think they had a choice. They either needed to start development or return the funds that they have raised.

[victorian fan]

Owner's video

Walk The Land At Oak Bay Beach Hotel Site

http://www.bcdailybu...ach_Hotel_Site/

[concorde]

This development finally seems to be moving ahead. Machines are on site and the excavation contract has been signed

[victorian fan]

^
finally

[spanky123]

There is an ad in the TC today stating that the bond is "almost sold out" and construction is "due to start in less than 30 days".

[concorde]

Apparently the deal is if any company wants to work on the project, they have to buy a set dollar value of bonds. One trade contractor bought $1 million of bonds so they could work on the project.

[spanky123]

Apparently the deal is if any company wants to work on the project, they have to buy a set dollar value of bonds. One trade contractor bought $1 million of bonds so they could work on the project.

I wonder if that bid was padded a little? :-)

The reason I mention the ad is that people close to this project having been crowing for weeks that the bond is sold out and that in fact they have more subscribers than they can entertain.

I guess the project is taking so long that people are dying of old age and need to have their subscriptions replaced!

[phx]

Is this more "voodoo math"?

Maybe investors from Dubai have bought up all the bonds.

[yodsaker]

What part of this do I not understand?
The contractor pays these klowns to do work for them?
I thought it was the other way around, silly me.
Most businesses don't finance themselves this way AFAIK.
The odor lingers on Beach Drive.

[Koru]

I was down behind the Tweed Curtain this morning/afternoon and thought I'd take a quick gander past the OB Beach Hotel site. Excavation appears to be in full swing, with much of the earth having been removed down to rock (looks like blasting shouldn't be far off...) a steady stream of dump trucks was rolling up and down Beach Drive the whole time I was down in the area. A bit of a surprise but looks like she may really be gathering some steam!

[yodsaker]

I was down behind the Tweed Curtain this morning/afternoon and thought I'd take a quick gander past the OB Beach Hotel site. Excavation appears to be in full swing, with much of the earth having been removed down to rock (looks like blasting shouldn't be far off...) a steady stream of dump trucks was rolling up and down Beach Drive the whole time I was down in the area. A bit of a surprise but looks like she may really be gathering some steam!

There's been a lot of hot air so a little steam should be forthcoming by now.

[Koru]

There's been a lot of hot air so a little steam should be forthcoming by now.

lol well put

[Bingo]

....the owners will show off plans for the $52-million project that will replace the old hotel, announce a start date for construction and thank the community for its support.
They will also be letting out a massive sigh of relief, as the project is finally set to get underway more than two years after the old hotel was razed.
"There will be a sigh of relief for sure, but Shawna and I are ever mindful that this world throws lots of curve balls at you, so we have lots of hard work to do yet and we're staying very focused on that," said Walker.
Walker said one of the reasons for the picnic, which runs from noon until 4 p.m., is to thank the community for sticking with them through the delays in constructing the new Oak Bay Beach Hotel.
He also intends to announce a date when excavation will start for the new hotel's foundation.
"We're looking good to go for a construction start in November," said Walker, who expects the new 100-unit hotel with 20 residential units to open two years later.
Ironically, the delays might have actually improved the project's bottom line. Walker notes that over the last two years, the labour market has loosened up and construction costs have dropped.
"Our construction budget is still $52 million, but we are waiting for our final cost estimates to come at the end of this week and we expect some reduction in those costs."

That could include the Oak Bay Beach Hotel and a new development being proposed by Prestige Hotels and Resorts for Sooke.
According to Sooke Mayor Janet Evans, Kelowna-based Prestige has purchased waterfront property off Sooke Road and intends to hand in a rezoning proposal in the next two weeks.
"They bought property, so we know they are serious," said Evans. "And it's absolutely needed in Sooke. We've been waiting for it for a long time."
Evans said depending on the rezoning process, Prestige hoped to start construction in October and open in 2011.
No details of the project were available from Prestige, which operates nine resorts in the Okanagan and Kootenays.

With a two year delay since the old hotel was torn down, I wonder how much lost revenue that amounts to. However, for $52 million you get a new development that produces revenue, hires staff and pays taxes. That is more than we can say for $63+ million that a new Johnson Street bridge would cost, that produces no revenue.