Quote:
Originally Posted by gaviscon
So I no longer see the rezoning app permit on the red supertall site next to Concord Metrotown. Maybe scrapped?
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That would be
the McCarthy Plaza proposal.
And more likely, it's been intentionally stalled or just parked in the freezer (or shelf) due to market conditions, if I had to make a bet.
Like most big ticket project proposals from the past several years pre- and post-covid.
I doubt it's been scrapped altogether.
Since it's a family-owned and (literally) local developer and family-owened lots - as with most of the lots on that strip of Kingsway, they can afford to park the project and continue to sit on it for decades even, until the market conditions improve.
In other words, they were not looking to submit the proposal to upzone the site and then sell it off for a massive profit as seems to be the business model for project proposals of this size.
The family (the McCarthy's/Jambor's have owned most of those lots and continue to own and operate them going back to the 1950's/60's.
Much the same way I doubt we'll see any progression any time soon on Concord's next few phases going itno site-prep or pre-construction even after the first three towers complete and get occupied.