Wednesday, 12 November 2008

It’s an Ill Wind That Blows Nobody Good Department: Financial Meltdown Means Griffintown Project Now on Hold

The massive redevelopment of Griffintown, an old industrial sector of Montreal’s central core will not begin next year because the developer Devimco has decided it’s “prudent” not to proceed, it was announced Tuesday.

According to André Bouthillier, a spokesperson for the developer, the current financial turmoil means that it would be wise to delay efforts to raise the first $400 million of the proposed $1.3-billion project. The money would have financed the first phase of the construction, scheduled to start next fall. The start up will now be late spring 2010, he told The Gazette.

Opponents to the project greeted the news warmly. Rethink the project, said say André Poulin, spokesperson for Destination Centre Ville, a group of downtown merchants. "We do not think it is a good idea to create a new commercial centre less than two kilometers from downtown."

And Ugo on the urbanism blog Spacing Montreal was blunter “Seriously the Griff doesn’t need no devimcrap. See for your self the area is now becoming the new plateau. Give it 10 years and this area will be the sweetest place simply because people like you and I will have decided that the place is cool. Many young professionals are buying there, the place is blooming. Who needs a premade hub when you can get the real thing.”

No comments: