Metropolis Project Dead Deal
By 250 News
Thursday, May 21, 2009 03:58 AM
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The City has pulled the rug out from under “Metropolis” saying it will no longer hold the property for San Francisco based developer Yves Ghiai.
Metropolis is the commercial/condo complex planned for the block between 5th and 6th Avenue’s downtown between Quebec and Dominion Streets. The project was first announced in the fall of 2005, just before the municipal election. The plan called for 16 high end condos, five retail/commercial spaces and an enclosed ground level parkade.
In the three and a half years since it was announced, Ghiai said construction hadn’t started because all the units had to be pre-sold, he later said there was an issue with the rising cost of construction, which was followed buy a shortage of available “sub trades”.
Yves Ghiai told Opinion250 last night that he is still willing to go ahead with this project if a contractor stepped forward with a decent bid "I always have this project in my mind and I am always ready to do it." He says he has spent about $100 thousand dollars on travel and the development of drawings for this project and had commitments from several people outside of Prince George who wanted to buy one of the condos. He says it was the escalation in construction costs that caused one of the problems "By the time I started looking for contractors, the price had gone from $90 dollars a square foot to $180 dollars a square foot."
The property had never actually been turned over to Mr. Ghiai, rather, the City had a letter of intent. There was also a City commitment to “contribute” to the construction of the ground level parkade, although how much the City was willing to contribute was not released.
When the project was initially announced, there was a great deal of criticism from some who called the announcement an election ploy aimed at boosting the re-election campaign of Colin Kinsley.
Ghiai also announced what he called Metropolis 3, which was a plan for a 65 rental condo complex over 30,000 square feet of retail space. That development was to be built on the parking lot behind the former home of the Columbus Hotel. Since it was linked with the first "Metropolis" that project is also finished.
Ghiai says he gave drawings to three or four contractors and would still like to build the project "I am still crossing my fingers that someone will come back with a good bid and we can move forward.".
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