I'm sorry...Isn't Aspen Heights a financial partner in this deal (at least in part)?
If there is one thing I know about Perry Lorenz, it's when he puts his mind to something, he's got a pretty good track record of seeing it though. There is demand for new condo units. Especially those in the "mid-range" price bracket. Remember, Seaholm had a back-up list over 1,000 names long. And, as you have already mentioned, 5th&West already has financing without any (or very many) pre-sales.
Furthermore, I believe the MDA between Constructive Ventures and the city, for the ECC site, was finalized less than 18 months ago.
I would not be surprised if you see dirt churning at the The Independent site before Waller's.