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78 résultats trouvés

  1. IluvMTL

    Edmonton Projects

    Projects in and around Edmonton, Alberta First a little background. http://edmonton.com/ <header style="box-sizing: border-box; font-family: SinewRegular, sans-serif; font-size: 16px; line-height: 16px;"><section id="hero" style="box-sizing: border-box; padding: 240px 0px 60px; text-align: center; height: 900px; background-image: url(<a href=" http:="" edmonton.com="" img="" background-large_r.jpg);"="" target="_blank"><footer style="box-sizing: border-box; padding: 2em;"> </footer></section></header>
  2. Article by FDI intelligence (financial times) Rankings: 1. New York City 2. Sao Paulo 3 Toronto 4.MONTREAL 5. Vancouver 6. Houston 7. Atlanta 8. San Francisco 9. Chicago 10. Miami "Canadian cities Toronto, Montreal and Vancouver ranked third, fourth and fifth, respectively, and performed particularly well in the attraction of knowledge-intensive FDI. All three locations were among the top 20 key destination and source cities for FDI. With the exception of New York, Montreal-based companies invested in more FDI projects than other city in the Americas region" "Business friendly Canada Placed in third, Montreal’s success lies in retaining and developing relationships with existing investments – data from fDi Markets shows that one in five FDI projects since 2003 were expansions. Montreal tops strategy list The prize for Best Major American City for FDI Strategy 2013/14 is awarded to Montreal. It beat 126 competitors across North and South America who submitted information regarding their FDI strategies. In its American Cities of the Future submission, economic development agency Montréal International stated that its economic development strategy has centred predominantly around high-tech clusters, and in particular aerospace, life sciences and health technologies, as well as information and communications technology (ICT). Elie Farah, vice-president of Investment Greater Montréal, says: “The year 2011 was one of the best for Montréal International in terms of attracting FDI since 2005. This is partially explained by the investments from Europe which, in the past two years, have become the main source of FDI in the region.” http://www.fdiintelligence.com/Locations/Americas/American-Cities-of-the-Future-2013-14
  3. http://montreal.ctv.ca/servlet/an/local/CTVNews/20100505/mtl_building_100505/20100505/?hub=MontrealHome Surprise surprise.
  4. ProposMontréal

    12 Stalled Projects Around the World

    Quand on se compare, on se console! l'ilot Voyageur, c'est de la petite bière à comprer de ces projets. Skyscraper, Interrupted: 12 Stalled Projects Around the World
  5. The fine Montreal art of being happy with what you have ARTHUR KAPTAINIS, The Gazette Published: Saturday, August 18 Almost everything was wonderful last Saturday - the weather, the music, the charity, the skyline. The sound? Well, what do you want? Percival Molson Stadium was built for football, not for music. There might be room for sonic improvement next summer, if I may jump to the reasonable conclusion that a concert by the Montreal Symphony Orchestra under the auspices of the Montreal Alouettes, with or without Kent Nagano, is now an annual event. One point of departure would be a shell that projects sound rather than a tent that contains it. Of course, there are certain sonic variables beyond the control of the MSO or the Als. The Royal Victoria Hospital is nearby, with its mamoth ventilation units. A two-hour shutdown of hospital air conditioning would be very nice, but perhaps too much to ask. Imperfect Acoustics: Kent Nagano and the Montreal Symphony Orchestra in last weekend's charity concert in Molson Stadium. While I mused over the problems and possible solutions it occurred to me that Montreal does not have a good, permanent outdoor summer concert facility. It is an odd situation considering that the city appears to experience more outdoor summer concerts than any other city on Earth. Where to install it? There is a mountain and a Chalet, the esplanade of which is haunted by ghosts as formidable as Leonard Bernstein, who conducted the MSO there in 1944 and 1945. In the 1950s Alexander Brott developed a rival operation called Dominion Concerts under the Stars. To build an amphitheatre anywhere on the mountain, however, would likely involve the felling of trees, an idea that now creates fierce opposition regardless of the benefit. Furthermore, the Montreal International Jazz Festival and Les Francofolies are strongly integrated into the centre of the city and Place des Arts. There are idle lots in that neighbourhood, some formerly earmarked for the development of a Place du Festival. But as the destruction of the Spectrum suggests, few downtown developers view the performing arts as a priority. And even a radical arts freak would have to concede the essential oddness of a deep-downtown outdoor concert venue that is vacant nine months a year. To build something as fine as the Lanaudière Amphitheatre within the city limits would also have the regrettable effect of siphoning off thousands of listeners from Lanaudière itself. Perhaps the solution to this problem, among others, is not to worry about it. Russell Johnson, the American acoustician who died last week, was an international figure famed for his concert halls in Birmingham, Lucerne and Dallas. But his Artec Consultants firm had a disproportionate influence in Canada. The Domaine Forget in Charlevoix - frequently used as a recording facility - is an Artec design, as is Jack Singer Concert Hall in Calgary, the Chan Cultural Centre on the campus of the University of British Columbia, the Thunder Bay Community Auditorium, the Weston Recital Hall in Toronto, the hall of the Festival of the Sound in Ontario cottage country and the Bayreuth copy that is the Raffi Armenian Theatre of the Centre in the Square in Kitchener. The Francis Winspear Centre in Edmonton is thought by many to be the best of all modern Canadian concert spaces. But perhaps Johnson's most astounding contribution to the cause of good acoustics in Canada was his transformation of the notorious dead space of Roy Thomson Hall in Toronto into a vibrant home for the long-suffering Toronto Symphony Orchestra. "That was easy," I remember his telling me at the 2002 reopening, with a shrug. The essense of the solution was reducing the interior volume with bulkheads. Sure it was easy - for someone with Johnsons's mix of spatial instinct, musical perception and pure science. Johnson long harboured a desire to build a new hall for the MSO. It appears he will realize it posthumously. The Quebec government chose Artec as the acoustical consultant for the project even before launching the competition to seek an architect. Diamond Schmitt Architects, one of the firms in the running for the MSO hall design, has won a "Good Design is Good Business" citation from BusinessWeek and Architectural Record magazines for the Four Seasons Centre in Toronto, a facility often referred to simply as the opera house. It was one of 10 projects cited from a competitive pool of 96 projects from nine countries. This common-sense award honours "architects and clients who best utilize design to achieve strategic objectives," according to Helen Walters, editor of innovation and design for BusinessWeek.com. My sense is that it serves as a counterweight to the ultraflamboyant designs that tend to capture headlines. The CAMMAC music centre in the Laurentians has also received an honourable mention from the Prix de l'Ordre des architectes du Québec 2007 for its new music pavillion. There will be a celebration at the site on Sept. 5. Love it or not, Place des Arts is active during the summer. Carnegie Hall - despite its prestige and air-conditioned presence at Seventh Ave. and 57th St. - is completely dark through the summer of 2007 and much of September. By October, however, the place is humming. The MSO used to occupy an October weekend under Charles Dutoit. During the coming season the orchestra will give one performance in the New York temple, on Saturday, March 8. Nagano conducts a program of Debussy (Le Martyre de Saint Sébastien: Symphonic Fragments), Tchaikovsky (Violin Concerto), Unsuk Chin (a new work) and Scriabin (The Poem of Ecstasy). All these selections are in keeping with the orchestra's former Franco-Russian reputation. If you wait six days you can then hear the Philadelphia Orchestra under its chief conductor - Charles Dutoit - in an even more MSO-ish program of Bartok (The Miraculous Mandarin Suite), Debussy (Nocturnes) and Holst (The Planets).
  6. IluvMTL

    Developers & Chains

    Developers & Chains ABOUT US Developers & Chains deals in business opportunities, not opportunities that you've missed out on. We specialize in futures, not histories. Developers & Chains is a subscription-only publication that focuses on retail and restaurant expansion across Canada. Developers & Chains is a subscription-only publication that concentrates on the growth and expansion aspects of the retail and restaurant industry across Canada, from British Columbia to Newfoundland. Each issue, and there are over 100 each year, includes information on new concepts and existing chains that have stated an interest in expansion and/or are showing signs of growth. And the reports include details on the companies, their needs and requirement along with the appropriate contacts. Developers & Chains issues also identify new shopping projects, malls and centres that are renovating, expanding or that simply have prime spaces that our subscribers may have available. Again, the issues include the leasing contacts, the uses they are seeking and where to contact them. There is more too. The publication keeps the subscribers aware of planned industry events and changes within the business. There are frequent reports on both retail and development sales and acquisitions, what companies are retaining which real estate-related suppliers and much, much more. Developers & Chains provides the type of leads and information that everyone in the business needs to make calculated decisions and it is all presented in a clear, factual, concise and timely manner that you can depend on. More important though, much of the leasing leads and company details are exclusive to the Developers & Chains’ E-News. They are available only in this publication. The information is exclusive in that it comes directly from our personal conversations with the principals or representatives of the featured companies. It’s almost as if you are there, sitting in on the conversation. Take a look through a recent issues of the Developers & Chains’ E-News. You will find details on new concepts seeking their first location and national chains looking for dozens of new units. You will learn, first hand, about planned entries into new markets. Whether it is a 150 square foot kiosk or a 30,000 square foot anchor tenant for your property, this is where you will meet them first. You will read about malls, centres and large format projects that have that ideal space, perfect for your next store. And you will ‘meet’ the people and companies involved. Oh yes, and the ‘editorial’ that ends every issue. Don’t take offence. It is just a tongue-in-cheek, maybe even irreverent, look at the business that we sometimes take a little too seriously. Sent from my SM-T330NU using Tapatalk
  7. ErickMontreal

    Builders face financing squeeze

    Builders face financing squeeze 'We can expect a solid demand for condominiums well into the future' TERRENCE BELFORD From Friday's Globe and Mail September 5, 2008 at 12:00 AM EDT Remember how A Tale of Two Cities starts? Charles Dickens writes, "It was the best of times, it was the worst of times." Stretch that theme a bit and you might be describing what is about to happen in the Toronto-area condominium market. First, the best of times. According to Urbanation Inc., which tracks condos from the Burlington border to Ajax and Whitby, there were a record 295 projects for sale at the end of June. Of these, 147 were under construction and another 38 new ones were ready to break ground. Behind those projects stood 151 different developers, and for many of them it was their first shot at building a condo. Those first-timers were mainly house builders who could no longer find building lots. Their choice was either to move into condos or fold their tents. So on the plus side, prospective buyers have never had greater choice. Now on to the worst of times. That impressive number of projects may prove to be the Greater Toronto Area's version of a Potemkin Village by the end of the year. Veteran market watchers say that up to a third of them are likely to be pulled from the market. Along with them, up to 50 developers may bite the dust. The reason? They are unlikely to find financing, says Barry Lyon. He is a 40-year veteran of the Toronto area real estate market. His company, N. Barry Lyon Consulting Ltd., provides research, marketing and project management to the condo and commercial sectors. "The U.S. credit crunch means the money to build just is not there," he says. "The tap has run dry." So, what determines who gets the money to build? In large part, GTA condo buyers. Developers need to presell about 60 per cent of the units in any project before lenders will take a look at providing the money to build. Equally important, they have to do it within reasonable time frames. As their marketing and sales teams scurry to sell suites, construction and carrying costs for high-priced land are ticking upwards. Mr. Lyon says he would not be surprised to see some developers pulling projects out of the market because those costs have risen to such an extent that they simply can't make a buck going ahead. "In some cases, even with 60 per cent sold, some developers are still going to have a hard time finding financing," he says. It is not that there is any lack of demand. It remains strong, says Jane Renwick, executive vice-president of Urbanation. But it is nowhere near the levels seen in 2007, which was a banner year for the industry. Thanks to record sales in 2007, 76 per cent of the 66,310 suites on the market at the end of June had already been snapped up. "I think a lot of last year's sales went to first-time buyers," she says. "I also think that most of them have now been absorbed so we are looking at a return to a more stable market — less of a gold-rush mentality." Again on the plus side of demand is the lure the GTA holds for immigrants. Ms. Renwick points out that of the 150,000 people who immigrate to Ontario in any given year, 100,000 of them make their way to the Toronto area. "If that trend continues, if we continue with high employment and if the economy continues to expand, we can expect a solid demand for condominiums well into the future," she says. That demand will continue to be strongest within the old city of Toronto. That is where 70 per cent of today's projects sit, says Mr. Lyon. It is also where prices are highest — an average $461 a square foot, versus $418 a year ago, according to Urbanation. Compare that with $294 in Scarborough, $254 in Pickering, $287 in Ajax and $313 in Aurora. Much of the difference is simply the cost of land to build on. But in that area Mr. Lyon suggests the coming shakeout may bring positive benefits to buyers. He says the loss of about a third of the developers today jockeying for land and bidding against each other to arrange construction crews likely means less competition for available resources. Less competition means lower demand and lower demand usually leads to, if not lower prices, then at least a much slower rise in prices. "It is going to be an interesting year," Mr. Lyon says. "By the end of 2008, the GTA's condo market may be a quite different place." Terrence Belford is a veteran journalist covering the Toronto real estate market.
  8. http://www.playthecity.nl/ Play the City Play the City uses gaming to engage multiple stakeholders in resolving complex urban challenges. Changing the way we engage stakeholders, Play the City designs physical games as a method for collaborative decision making and conflict resolution. We tailor our games according to the questions of our clients. These can relate to large urban projects, refugee camps, violence prevention and other multi-stakeholder challenges societies face. We use gaming as a problem-solving method bringing top down decision makers together with bottom up stakeholders. In the accessible environment of games, freed from the jargons, various ideas, plans and projects meet, conflict and collaborate towards negotiated outcomes. We believe gaming is the real alternative to standard formats of public consultation in the 21st century. Our method has been acknowledged internationally and has been implemented for large-scale projects in Amsterdam, Istanbul, Brussels and Cape Town. You can gain more insight by clicking our projects page. sent via Tapatalk
  9. Il faut le souligner quand des compagnies d'ici font des acquisitions à l'étranger, comme quoi tout ne va pas d'un seul bord! Boralex boosts France operations with proposed takeover Montreal-based renewable energy producer Boralex Inc. has sharply boosted its presence in France with a $400-million proposed takeover of wind power company Enel Green Power France. The acquisition of the Enel wind portfolio will boost the generating capacity of Boralex’s existing operations by about 25 per cent, with the addition of 12 operating wind farms generating about 186 megawatts of power. Currently, Boralex has wind farms, solar projects, hydroelectric and thermal operations in France, Canada and the United States, that have a total capacity of about 754 MW. The company said this deal will make it the biggest independent wind power producer in France. Adding a large proportion to the French porfolio is a “truly company-transforming move,” said Boralex chief executive officer Patrick Lemaire. Currently, France makes up about 37 per cent of the Boralex portfolio, but that will expand to almost half after this transaction closes in January. Mr. Lemaire said in an interview that growth in the renewable sector is “clearer” in Europe than in North America, at the moment. Changes in Ontario’s renewable energy procurement program that make it less attractive, and limits to Quebec’s plans to acquire clean energy, have made those two core Canadian markets less attractive, he said. “France still has nice objectives,” he said. Boralex is also less interested in expanding in the United States, Mr. Lemaire said, because most jurisdictions there operate with a spot market for electricity, and thus there are fewer long-term contracts that secure a power price over the long term. The wind farms being purchased in this deal have long-term contracts in place averaging about 11 years. Privately owned Enel also has a pipeline of about 310 MW of new wind projects that are not yet built, and that will add further to the Boralex total in the next few years, Mr. Lemaire said. “Our main goals are to operate what we have acquired in the past, build new projects … and add growth for the next few years.” Boralex will finance the Enel purchase through bank loans, an existing revolving credit facility, and a bridge credit facility. It will also sell about $110-million in subscription receipts through a bought-deal transaction arranged by National Bank Financial. http://www.theglobeandmail.com/report-on-business/industry-news/energy-and-resources/boralex-boosts-france-operations-with-proposed-takeover/article22095267/
  10. MTLskyline

    Projets Annulés de Montréal

    Postez des images des projets qui n'ont jamais étés construits à Montréal dans ce fil. Post images of projects that were never built in Montreal in this thread. Nouveau Station Bonaventure (1900) - Pour remplacer l'ancienne station:
  11. http://www.icisource.ca/commercial_real_estate_news/ When NIMBYism is warranted, and when it isn’t Of course, the question is whether a proposed development, infill project or new infrastructure build really does pose a risk to these cherished things. Developers and urban planners must always be cognizant of the fact that there is a segment of the population, a fringe element, who will object to just about anything “new” as a matter of principle. I’ve been to many open houses and public consultations for one proposed project or another over the years. There is almost always that contingent of dogged objectors who invariably fixate on the same things: Parking – Will there be enough if the development increases the population density of the neighbourhood or draws more shoppers/workers from elsewhere? Traffic – Will streets become unsafe and congested due to more cars on the road? Transit – Will this mean more busses on the road, increasing the safety hazard on residential streets, or conversely will there be a need for more? Shadowing – is the new build going to leave parts of the neighbourhood stuck in the shade of a skyscraper? These are all legitimate concerns, depending on the nature of the project in question. They are also easy targets for the activist obstructionist. Full and honest disclosure is the best defence Why? Because I see, time and again, some developers and urban planners who should know better fail to be prepared for objections rooted on any of these points. With any new development or infrastructure project, there has to be, as a simple matter of sound public policy, studies that examine and seek to mitigate impacts and effects related to parking, traffic, shadowing, transit and other considerations. It therefore only makes sense, during a public consult or open house, to address the most likely opposition head on by presenting the findings and recommendations of these studies up front in a clear and obvious manner. But too often, this isn’t done. I’ve was at an open house a few years ago where, when asked about traffic impact, the developer said there wouldn’t be any. Excuse me? If your project adds even one car to the street, there’s an impact. I expect he meant there would be only minimal impact, but that’s not what he said. The obstructionists had a field day with that – another greedy developer, trying to pull the wool over the eyes of honest residents. This is a marketing exercise – treat it like one This is ultimately a marketing exercise – you have to sell residents on the value and need of the development. Take another example – a retirement residence. With an aging population, we are obviously going to need more assisted living facilities in the years to come. But in this case, the developer, speaking to an audience full of grey hairs, didn’t even make the point that the new residence would give people a quality assisted-living option, without having to leave their community, when they were no longer able to live on their own. I also hear people who object to infill projects because they think their tax dollars have paid for infrastructure that a developer is now going to take advantage of – they think the developer is somehow getting a free ride. And yet, that developer must pay development charges to the city to proceed with construction. The new build will also pay its full utility costs and property taxes like the rest of the street. City hall gets more revenue for infrastructure that has already been paid for, and these additional development charges fund municipal projects throughout the city. Another point, often overlooked – when you take an underperforming property and redevelop it, its assessed value goes up, and its tax bill goes up. The local assessment base has just grown. City hall isn’t in the business of making a profit, just collecting enough property tax to cover the bills. The more properties there are in your neighbourhood, the further that tax burden is spread. In other words, that infill project will give everyone else a marginal reduction on their tax bill. It likely isn’t much, but still, it’s something. Developers must use the facts to defuse criticism Bottom line, development is necessary and good most of the time. If we didn’t have good regulated development, we would be living in horrid medieval conditions. Over the last century and a bit, ever growing regulation have given us safer communities, with more reliable utilities and key services such as policing and fire. Yes, there are examples of bad development, but if we had none, as some people seem to want, no one would have a decent place to live. It just astonishes me that developers and urban planners don’t make better use of the facts available to them to defuse criticism. It’s so easy to do it in the right way. Proper preparation for new development public information sessions is the proponent’s one opportunity to tell their story, and should not be wasted by failing to get the facts out and explaining why a project is a good idea. To discuss this or any other valuation topic in the context of your property, please contact me at [email protected] I am also interested in your feedback and suggestions for future articles. The post Why do public planning projects go off the rails? appeared first on Real Estate News Exchange (RENX). sent via Tapatalk
  12. A bridge in Mumbai Halfway to paradise A half-built bridge symbolises the urgency and the frustrations of improving India’s infrastructure Dec 22nd 2012 |From the print edition N 1988, when V.S. Naipaul arrived in Bombay, now known as Mumbai, and drove south from its airport, he could tell something unusual was happening because the traffic was so bad. It turned out that a festival of Dalits, the former untouchables, had led to crowds that blocked the roads. The Nobel-prizewinning writer complained of “fumes and heat and din” in his taxi to the Taj Hotel. The chaos was novel enough to form the opening passage of his book, “A Million Mutinies Now”. Today greater Mumbai’s population has almost doubled to 18m, and transport bedlam has become as integral to its psyche as the stockmarket, films and slums. Millions endure commutes that would qualify them for post-traumatic-stress counselling in rich countries. Rush-hour trains get so crushed that a phone or pair of glasses carried in a breast pocket will smash under the pressure of bodies. Every year perhaps 500 people perish after falling off trains in the city and 6,000 die on the tracks. If, like Mr Naipaul, you can afford a taxi, it will reek of sweat and honk and buck for inches of advantage against bigger cars, which under a Darwinian highway code have bullying rights. After monsoon storms the sewers overflow and the roads flood. On nights like this endless lines of vehicles crawl in the dark and you can hear the slop lapping on your car’s underbelly, like waves on a dinghy’s hull. But if you divert from Mr Naipaul’s route, by a creek at a place called Mahim, and turn west, you can take a different trip. Time leaps forward. India becomes China, or even Singapore. The swarm of autorickshaws fades and, after pausing at a toll booth, you find yourself on an eight-lane motorway running parallel with the coast, floating high over the sea on 120 piers, and suspended on wires from two 128-metre towers. The bridge is called the Sea Link and opened in 2009. If you open the window the air is fresh; if you put your foot down you can hit racing speed. From the bridge Mumbai’s berserk skyline seems hazy; the 23 sets of traffic lights and 40 minutes of furious traffic you are bypassing are like a bad dream. The Portuguese fort and aboriginal fishing village that you zip past feel about as real as the scenery of a Disneyland ride. For that matter, can it truly be possible that after just 4.7km, or about five minutes, all eight lanes of this glorious bridge stop in mid-air—as if King Kong had bitten them off? But alas, it is. If you keep going you will plunge into the Arabian Sea. Instead a narrow slip road delivers you back to the city. The shift is disorienting. As your car battles for space again and you pass a Dalit slum, perhaps housing the children of the folk Mr Naipaul saw, it is tempting to look back. What just happened? Viewed from the Sea Link, Mumbai seems like a mirage. But seen from the chaos of the city, it is the Sea Link that is improbable, like a giant hologram. Decent infrastructure and this megacity, maybe this country, do not belong together. Do they? Dream on If any country needs better infrastructure, it is fast-urbanising India. The government hopes a trillion dollars will be spent between 2012 and 2017, although with a creaking banking sector and jumpy investors that is optimistic. If any megacity needs better transport, it is Mumbai. Formed from seven islands, the city was given by Portugal to Charles II of England in 1661 as dowry for his marriage to Catherine of Braganza. It is a long spit whose hub is at its southern tip. Manhattan has 16 bridges, four underwater tunnels and a ferry system linking it to the mainland. Mumbai has just six bridges, all but one at its northern extremity. Two main roads, three railway lines and an airport besieged by shanty towns are its fragile links to the outside world. The city centre is like a head on a long, strangled neck. The difficulty of commuting is partly why Mumbai is so densely populated, with property prices driven high and migrants forced into slums, which now house over half the population. There are only a handful of successful state-sponsored developments: a satellite city on the mainland called Navi (New) Mumbai, some flyovers and a new office park built on marshland near the airport. What Mumbai has been unable to do in practice, it has done in theory. The first master plan to relieve the city’s woes emerged in 1948, the most recent in 2011. In the six decades in between some fine minds, from J.R.D. Tata, a revered industrialist, in 1981, to McKinsey, a consulting firm, in 2003, have had their say. There is widespread agreement on what is required. First, a road round the city’s perimeter—probably a series of Sea Link-style bridges along its entire west coast, and on its east coast a highway partly to be built on land occupied by the city’s dying old port. Second, to link this ring to the mainland, a 22km road over the sea, an idea known as the “trans-harbour link”. Third, near the end of this putative bridge, on the mainland, a new airport. And fourth, at least nine metro lines in the city itself. You can get a flavour of this Utopia in the offices of one of the many government agencies responsible for projects in Maharashtra, the state Mumbai belongs to. A huge, Lego-for-adults model built by a Singaporean firm shows the city centre bisected by an elevated bridge that sweeps in from the ocean. Vast new skyscrapers tower over the Art Deco and colonial buildings. Today’s shabby military cantonment is a nature park. Metro stations are everywhere. Jetties for ferries are abundant. A slum has become a “heritage village” with yachts moored beside it. The sea is blue, the grass is green and the buildings are spotless white. All of it is made up. Indeed of all the transport mega-projects planned for Mumbai, after decades of reports and committees, only one is in use: that surreal 4.7km stretch of the Sea Link. Kafka in Bombay What has gone wrong? One view can be heard on the wasteland at the north abutment of the Sea Link. A ragged family are smashing reinforced concrete rubble. They say they get about a dollar for every two kilos of steel inside—roughly the cost of a one-way Sea Link ticket. Nearby, dogs and feral pigs sniff around abandoned machinery as Girish, aged 52, hits the bottle with his colleagues. The pals work nights in a call centre selling Americans an erectile-dysfunction drug. “You get a quick recharge,” is the sales pitch; the most common response, they all agree, is “Fuck you”. They also agree that this derelict land is a fine spot to unwind. Yet the rumour, which seems to have originated in the nearby slum, is that it has been grabbed secretly by a tycoon to build a mall, or luxury flats; the details vary. A local priest (a church was built nearby in 1575) talks suspiciously of the “fantasy” that any such project could ever benefit the common man. In fact, the land is still owned by the government. But the conspiracy theory that Mumbai is essentially a stitch-up by the rich is not propounded only by drunk cold-callers and men of the cloth. It may be the most widely held belief in the city. Its grandest iteration is that the city’s elite has deliberately sabotaged its transport infrastructure to enrich themselves. The argument goes like this: better transport would lower the scarcity premium on land and property in downtown Mumbai, hurting builders’ profits, and in turn curbing the flow of bribes to India’s political parties. The idea that the rich control the city’s fate was fuelled by a battle in 2005-08 between Mukesh Ambani, India’s richest man, and his estranged brother, Anil, over a tender to build the trans-harbour link. After a legal tussle Anil undercut his brother by bidding for a concession of nine years and 11 months. The tender process was eventually abandoned. Mumbai is certainly corrupt in other ways. The chief minister of Maharashtra, Prithviraj Chavan, who wants to clean things up, speaks of a nexus of builders and politicians. One official reckons illegal gains of $5 billion a year have been made by builders bribing their way around planning rules. “Those bastards have ruined everything” by scaring off legitimate firms, says one boss. But the grand conspiracy theory is silly. Mukesh Ambani owns a chunk of land near the proposed new airport, the value of which would soar if the trans-harbour link were built. Builders are buying space near proposed metro stations. And without good transport links the population of south Mumbai has begun to decline, which should be bad for property prices. Most businesspeople say the city’s decay is an embarrassment. The truth is fiddlier—as the half-built Sea Link demonstrates. The bridge was commissioned in 1999 but took ten years to finish, instead of the planned two and a half. Ajit Gulabchand, the boss of HCC, the construction firm that won the contract to build it, says the project was “a Kafkaesque struggle”. He describes himself as a “south Bombay boy” and drives a Bentley through the city to his office in the north-east (he does not use the Sea Link because there are no good connections between the west and the east). He is also subject, like all tycoons, to a secondary conspiracy theory, which is that he gained by being close to Sharad Pawar, who heads a Maharashtrian political clan. Mr Gulabchand says this is rubbish. “I’m not going to deny my friendship,” he says. But, “If I’m so powerful, how come I lost money?” One recent fiasco involved a military convoy doing a U-turn, a naval ambulance, a man in flip-flops with a red flag, and thousands of angry drivers The bridge’s original budget was $74m at current exchange rates, which rose to double that (officials verify these figures). Mr Gulabchand says he is still owed around $100m. The rising cost reflects a deep problem: delays. After construction began the cash-starved road agency in charge, MSRDC, changed the plan from eight lanes to four and back to eight again. The council took an age to release the land needed to house machinery (near where the call-centre employees relax). Maritime rules banned work during the monsoon. Customs held up the import of a 5,400-tonne floating crane. Subsea telecoms cables were found in the wrong place. Old folk living nearby griped about noise pollution. Those are the kind of problems big projects face everywhere. But other hurdles were peculiarly Indian. In a 107-year-old house in the fishing village the bridge passes over at its southern end sits Vijay Worlikar, one of the “nine Patils”, or clan chiefs, who in effect run the area. He is a Koli, an aboriginal people who have been there for centuries; he has childhood memories of Iranian boats sailing to the village to trade pistachios for dried fish. “This land is our land,” he says. Mr Worlikar successfully campaigned to shift the bridge farther from the village, and for a second suspended section to be built to create a channel for the fishing fleet to sail underneath. His legal objections, along with other environmental complaints, caused years of delays. Yet he is a modern man: his daughter is a doctor and his son an executive at the airport. He blames sloppy planning. He says he is now helping the state build relations with other fishing villages in the city to try to avoid further fiascos. Cutting red tape and winning public support would be easier with political leadership. The Sea Link was opened, with a firework display, by Sonia Gandhi, the dynast of India’s ruling Congress Party, and was officially named after her assassinated husband, Rajiv. However, consistent with the rule that the more politicians celebrate a finished project, the less they did to make it happen, the Sea Link had earlier been left out to dry. Mr Gulabchand says that after the state government changed in 1999 and an energetic minister left, the plan had no sponsor to bulldoze through bureaucracy. Maharashtra’s ruling coalition since 1999, of the Congress Party and the NCP, often squabbles over who runs big projects. The politicians have rural vote banks and are afraid, as one official puts it, “to be seen to neglect the rural man”. Mr Gulabchand thinks Mumbai needs more political accountability: “The Sea Link would not have been delayed if there was a mayor responsible for doing it. His re-election would have depended on it.” For the time being, such a change in the city’s governance seems unlikely. Mumbai’s biggest secret To grow fast India needs lots more infrastructure. But lately spending has been falling. The central bank thinks that the value of envisioned projects dropped by 52% in 2011-12. The slump reflects worries about red tape, corruption and doubts about the profitability of public-private partnerships (PPPs). In Mumbai it is easy to despair. “The whole spirit of doing things has gone,” says Mr Gulabchand. Five kilometres south of Mr Worlikar’s village is a fenced plot by the sea where men sit on plastic seats, apparently anticipating, like actors in a production of “Waiting for Godot”, the next section of the Sea Link to arrive. It could be a while. The winner of a PPP project to build and run it, Anil Ambani, has got cold feet. A political tussle has erupted, with the NCP keen to build a bridge using public funds and Congress preferring a road on reclaimed land. Nothing may happen for years. Yet, just as the Sea Link manages those 4.7km of elevated bliss, some projects are moving. Beneath a hill owned by an atomic research agency in north Mumbai, roaring diggers have almost finished excavating two half-kilometre-long tunnels. Outside, in both directions, the ghastly task of clearing slums has been accomplished and their residents moved to blocks of flats nearby. This is part of Mumbai’s best-kept secret—the Eastern Freeway, a new road stretching all the way down the city’s east coast, on the opposite side from the Sea Link, using tunnels and stilts. It should open in 2013, about five years after work began. J.R. Dhane, an engineer on the project, says it has been like painstakingly weaving a thread through the city’s dense fabric. Elsewhere the first metro line is almost finished, its platforms inches away from living-room windows, an experimental monorail is coming up, and a new round of bids is set to begin on a contract to build and operate a $2 billion trans-harbour link. These projects are all being run by the MMRDA, a state development body that has stepped into the vacuum. It owns land worth $12 billion, which it sells to help finance projects, and is viewed as clean and technocratic. Its boss, Rahul Asthana, says that progress is being made, but seems cautious about the city making a Shanghai-style great leap forward. In all probability Mumbai will do enough to prevent a crisis, but not enough to fulfil its vast potential or quickly transform the quality of most of its people’s lives. The same is true of infrastructure across India. And what of that 4.7km stretch of the Sea Link, stranded out there, all alone? The bridge is in good nick but seems to be run poorly by the road agency, MSRDC (its chief declined interview requests). Vehicle numbers are thought to be half those expected. The financial impact is hard to assess: the most recent annual report on the agency’s website is from 2008. Waiting for Utopia Meanwhile the toll-booth system has become a slapstick affair, with a maze of concrete chicanes prone to collapse, complex cash fares and overstaffed booths. Usually receipts are printed, but occasionally they are hand-stamped on the kind of paper used for bingo tickets. Accusations of graft swirl. An electronic swipe system has apparently been introduced but seems to be available only to VIPs. After a suicide jump in August it emerged that the CCTV system to help stop terrorist attacks was not working properly. One recent fiasco involved a military convoy doing a U-turn on the bridge, a naval ambulance, a man in flip-flops with a red flag like a Formula One race official, and thousands of angry drivers. This created a traffic jam along most of the Sea Link, which seemed at last to have become part of the city. Often couples on motorbikes park by the bridge. They are not there to ride on it—two-wheelers are prohibited. They are not seeking intimacy, for the choice spot for that is the rocks around the headland at low tide. Nor are they there for the ambience, for the ground nearby features broken promenades, weeds and rats. They are there for the view. When you see its sweeping cords silhouetted against a dusky sky, the Sea Link is as close to a wonder as Mumbai can offer. And whether this ritual demonstrates low expectations or hope is in the minds of the beholders alone. http://www.economist.com/news/christmas-specials/21568582-half-built-bridge-symbolises-urgency-and-frustrations-improving-indias
  13. ErickMontreal

    Downturn Ends Building Boom in New York

    Downturn Ends Building Boom in New York Charles Blaichman, at an unfinished tower at West 14th Street, is struggling to finance three proposed hotels by the High Line. NYtimes By CHRISTINE HAUGHNEY Published: January 07, 2009 Nearly $5 billion in development projects in New York City have been delayed or canceled because of the economic crisis, an extraordinary body blow to an industry that last year provided 130,000 unionized jobs, according to numbers tracked by a local trade group. The setbacks for development — perhaps the single greatest economic force in the city over the last two decades — are likely to mean, in the words of one researcher, that the landscape of New York will be virtually unchanged for two years. “There’s no way to finance a project,” said the researcher, Stephen R. Blank of the Urban Land Institute, a nonprofit group. Charles Blaichman is not about to argue with that assessment. Looking south from the eighth floor of a half-finished office tower on 14th Street on a recent day, Mr. Blaichman pointed to buildings he had developed in the meatpacking district. But when he turned north to the blocks along the High Line, once among the most sought-after areas for development, he surveyed a landscape of frustration: the planned sites of three luxury hotels, all stalled by recession. Several indicators show that developers nationwide have also been affected by the tighter lending markets. The growth rate for construction and land development loans shrunk drastically this year — to 0.08 percent through September, compared with 11.3 percent for all of 2007 and 25.7 percent in 2006, according to data tracked by the Federal Deposit Insurance Corporation. And developers who have loans are missing payments. The percentage of loans in default nationwide jumped to 7.3 percent through September 2008, compared with 1 percent in 2007, according to data tracked by Reis Inc., a New York-based real estate research company. New York’s development world is rife with such stories as developers who have been busy for years are killing projects or scrambling to avoid default because of the credit crunch. Mr. Blaichman, who has built two dozen projects in the past 20 years, is struggling to borrow money: $370 million for the three hotels, which include a venture with Jay-Z, the hip-hop mogul. A year ago, it would have seemed a reasonable amount for Mr. Blaichman. Not now. “Even the banks who want to give us money can’t,” he said. The long-term impact is potentially immense, experts said. Construction generated more than $30 billion in economic activity in New York last year, said Louis J. Coletti, the chief executive of the Building Trades Employers’ Association. The $5 billion in canceled or delayed projects tracked by Mr. Coletti’s association include all types of construction: luxury high-rise buildings, office renovations for major banks and new hospital wings. Mr. Coletti’s association, which represents 27 contractor groups, is talking to the trade unions about accepting wage cuts or freezes. So far there is no deal. Not surprisingly, unemployment in the construction industry is soaring: in October, it was up by more than 50 percent from the same period last year, labor statistics show. Experience does not seem to matter. Over the past 15 years, Josh Guberman, 48, developed 28 condo buildings in Brooklyn and Manhattan, many of them purchased by well-paid bankers. He is cutting back to one project in 2009. Donald Capoccia, 53, who has built roughly 4,500 condos and moderate-income housing units in all five boroughs, took the day after Thanksgiving off, for the first time in 20 years, because business was so slow. He is shifting his attention to projects like housing for the elderly on Staten Island, which the government seems willing to finance. Some of their better known and even wealthier counterparts are facing the same problems. In August, Deutsche Bank started foreclosure proceedings against William S. Macklowe over his planned project at the former Drake Hotel on Park Avenue. Kent M. Swig, Mr. Macklowe’s brother-in-law, recently shut down the sales office for a condo tower planned for 25 Broad Street after his lender, Lehman Brothers, declared bankruptcy in September. Several commercial and residential brokers said they were spending nearly half their days advising developers who are trying to find new uses for sites they fear will not be profitable. “That rug has been pulled out from under their feet,” said David Johnson, a real estate broker with Eastern Consolidated who was involved with selling the site for the proposed hotel to Mr. Blaichman, Jay-Z and their business partners for $66 million, which included the property and adjoining air rights. Mr. Johnson said that because many banks are not lending, the only option for many developers is to take on debt from less traditional lenders like foreign investors or private equity firms that charge interest rates as high as 20 percent. That doesn’t mean that all construction in New York will grind to a halt immediately. Mr. Guberman is moving forward with one condo tower at 87th Street and Broadway that awaits approval for a loan; he expects it will attract buyers even in a slowing economy. Mr. Capoccia is trying to finish selling units at a Downtown Brooklyn condominium project, and is slowly moving ahead on applying for permits for an East Village project. Mr. Blaichman, 54, is keeping busy with four buildings financed before the slowdown. He has found fashion and advertising firms to rent space in his tower at 450 West 14th Street and buyers for two downtown condo buildings. He recently rented a Lower East Side building to the School of Visual Arts as a dorm. Mr. Blaichman had success in Greenwich Village and the meatpacking district, where he developed the private club SoHo House, the restaurant Spice Market and the Theory store. He had similar hopes for the area along the High Line, where he bought properties last year when they were fetching record prices. An art collector, he considered the area destined for growth because of its many galleries and its proximity to the park being built on elevated railroad tracks that have given the area its name. The park, which extends 1.45 miles from Gansevoort Street to 34th Street, is expected to be completed in the spring. Other developers have shown that buyers will pay high prices to be in the area. Condo projects designed by well-known architects like Jean Nouvel and Annabelle Selldorf have been eagerly anticipated. In recent months, buyers have paid $2 million for a two-bedroom unit and $3 million for a three-bedroom at Ms. Selldorf’s project, according to Streeteasy.com, a real estate Web site. “It’s one of the greatest stretches of undeveloped areas,” Mr. Blaichman said. “I still think it’s going to take off.” In August 2007, Mr. Blaichman bought the site and air rights of a former Time Warner Cable warehouse. He thought the neighborhood needed its first full-service five-star hotel, in contrast to the many boutique hotels sprouting up downtown. So with his partners, Jay-Z and Abram and Scott Shnay, he envisioned a hotel with a pool, gym, spa and multiple restaurants under a brand called J Hotels. But since his mortgage brokers started shopping in late summer for roughly $200 million in financing, they have only one serious prospect for a lender. For now, he is seeking an extension on the mortgage — monthly payments are to begin in the coming months — and trying to rent the warehouse. (He currently has no income from the property.) It is perhaps small comfort that his fellow developers are having as many problems getting loans. Shaya Boymelgreen had banks “pull back” recently on financing for a 107-unit rental tower the developer is building at 500 West 23rd Street, according to Sara Mirski, managing director of development for Boymelgreen Developers. The half-finished project looked abandoned on two recent visits, but Ms. Mirski said that construction will continue. Banks have “invited” the developer to reapply for a loan next year and have offered interim bridge loans for up to $30 million. Mr. Blaichman cuts a more mellow figure than many other developers do. He avoids the real estate social scene, tries to turn his cellphone off after 6 p.m. and plays folk guitar in his spare time. For now, Mr. Blaichman seems stoic about his plight. At a diner, he polished off a Swiss-cheese omelet and calmly noted that he had no near-term way to pay off his debts. He exercises several times a week and tells his three children to curb their shopping even as he regularly presses his mortgage bankers for answers. “I sleep pretty well,” Mr. Blaichman said. “There’s nothing you can do in the middle of the night that will help your projects.” But even when the lending market improves — in months, or years — restarting large-scale projects will not be a quick process. A freeze in development, in fact, could continue well after the recession ends. Mr. Blank of the Urban Land Institute said he has taken to giving the following advice to real estate executives: “We told them to take up golf.” Correction: An article on Saturday about the end of the building boom in New York City referred incorrectly to the family relationship between the developers William S. Macklowe, whose planned project at the former Drake Hotel is in foreclosure, and Kent M. Swig, who shut down the sales office for a condominium tower on Broad Street after his lender, Lehman Brothers, declared bankruptcy. Mr. Swig is Mr. Macklowe’s brother-in-law, not his son-in-law.
  14. ErickMontreal

    Chicago : Trump Files Suit Against Lenders

    Trump Files Suit Against Lenders Developer Seeks to Extend $640 Million Loan on a Chicago Skyscraper Wsj.com By ALEX FRANGOS Tall Trouble: Donald Trump's Chicago skyscraper project, the Trump International Hotel & Tower, during construction in July. Mr. Trump is suing to extend a $640 million senior construction loan on the 92-story Trump International Hotel & Tower from a group of lenders led by Deutsche Bank AG and including a unit of Merrill Lynch & Co., Union Labor Life Insurance Co., iStar Financial Inc., a publicly traded real-estate investment trust, and Highland Funds, a unit of Highland Capital Management LP. The tower, which contains 339 hotel rooms and 486 condominiums, will be the second-tallest building in the U.S. behind Chicago's Sears Tower and is expected to be completed in mid-2009. The hotel, on the lower floors, opened earlier this year. But sales of both the hotel rooms and the condominiums have come in below original estimates and the project's current projected revenue remains short by nearly $100 million needed to pay off the senior lenders. The lawsuit, filed in New York State supreme court in Queens, is a further indication of the dysfunction in the real-estate lending markets as borrowers and lenders struggle to resolve troubled projects. People familiar with the matter say the lender group, which is made up of more than a dozen institutions, was unable to agree on the extension. The suit demands -- among other things -- that an extension provision in the original loan agreement be triggered because of the "unprecedented financial crisis in the credit markets now prevailing, in part due to acts Deutsche Bank itself participated in." This so-called force majeure provision is common in contracts and can be applied to acts of war and natural disasters. Mr. Trump already extended the loan once in May. From the Archives Mr. Trump asked for $3 billion in damages. The suit won't affect construction of the project, according to people familiar who say there is enough money to complete the $90 million work that is left. The suit says Mr. Trump attempted to resolve the impasse by offering to buy the project's unsold hotel units for $97 million. That money would be used to pay down the construction loan, along with the $204 million in proceeds from closed units and the $353 million that is expected from units that close in the next six months. A Deutsche Bank spokesman declined to comment. Mr. Trump has put $77 million of his own equity into the tower, which he would stand to lose in a potential foreclosure. Other than a $40 million guarantee to complete the project, Mr. Trump has no recourse obligations to the project. A Trump spokesman declined to comment. [Trump, Donald] Deutsche Bank originated the construction loan in 2005 and sold off most of it to others, retaining less than $10 million of exposure on that loan. The suit alleges that Deutsche Bank compromised the senior construction loan by selling pieces off to "so many institutions, banks, junk bond firms, and virtually anybody that seemed to come along," that the lending group is unable to come to a consensus on how to deal with the matter. It also alleges Deutsche Bank created a "serious conflict of interest" by taking a separate stake in the project's so-called mezzanine loan that was originated by private-equity firm Fortress Investment Group. The mezzanine loan, which is junior to the senior construction loan, had an original principal of $130 million but will eventually accrue to $360 million. Deutsche Bank purchased roughly one-quarter of the mezzanine loan, according to people familiar with the matter. The suit names the mezzanine lenders as defendants, including Fortress and its affiliates, Newcastle Investment Corp. and Drawbridge Special Opportunities Fund, as well as Dune Capital Management and Blackacre Institutional Capital Management, the real-estate arm of Cerberus Capital Management. Fortress didn't respond to a request for comment. The other lenders declined to comment. Unless sales of the condo and hotel units restart despite the worst housing market in generations, and quickly generate $400 million in new sales, it will be difficult for the project to pay off the mezzanine loan, which comes due in May 2009.
  15. MARTY

    Old projects never made it.

    Couple of old projects that never saw the light of day as they were planned ...Cite Concordia was drastically downsized and redesigned... Dashed projects - 1968 Two downtown projects that never happened. The Eaton-Mace project was a $125,000,0000 building slated for the area bounded by St. Catherine and Sherbrooke between University & Mansfield. It was guided by Brigadier-General Gordon Dorward de Salaberry Wotherspoon. The Montreal Trust mortgage group took it over after Mace ran out of cash. The Place de la Concorde was a $250,000,000 project to be plopped between Milton and Pine, Ste. Famile and Hutchison, roughly the area of what they tried to do a couple of years later with the La Cite project which would have levelled much of the McGill ghetto had it not it not been largely blocked by protests. I was not able to post it in cancelled projects!!
  16. Newbie

    Arson

    If you want to laugh a little bit, read this news story and the comment section! http://www.cbc.ca/canada/montreal/story/2010/12/02/park-avenue-pharmacy-arson-suspect-lights-himself-on-fire.html P.S.: I titled this thread "Arson" so other members can post stories about arson that do not necessarily involve the projects in the "Projects" forum.
  17. Take a look holy F..K!!! Why can't we have a video presentation like this for Mtl projects...man o man...I am drooling !! :drool: :applause: :applause: :openmouth: :openmouth: :awesome: :thumbsup: :ohmygod: :dizzy: :dizzy: :crowded: :hypnodisk:
  18. Quelques 'snippets' du dernier 'Canadian Real Estate' (Mar/Apr 2008) "When we first opened for sales in 2004, the general consensus was that we were crazy to be asking for $1,000 a square foot. Yet, we were very successful. We proved that the Toronto market was viable and other great brands have followed our success. We've now sold over $300 million worth of real estate and are averaging over $1,500 a square foot - a relative bargain compared to New York prices." "Toronto is a world-class city and it's only going up. It's getting better all the time. With Vancouver, Toronto and to a lesser degree, Montréal, the world is beginning to take notice of the value of Canadian real estate." "Several years ago we identified Canada as being a very viable and lucrative marketplace and one that we wanted a piece of." "According to sales figures for Trump Toronto, 35% of buyers are from Canada, 30% are from the UK and 20% are from the US." "We're not actively planning any additional Canadian projects right now. The Toronto property has been our main focus in Canada to date. Its success will hopefully drive interest in markets like Montreal or Vancouver. Right now, we're focused on Toronto, but certainly look forward to future projects throughout the country." P.S. Trump ne fait que preter son nom au Trump Toronto (pour $1mil et un pourcentage des ventes).
  19. C'est encore payant d'aller sur SSP... http://skyscraperpage.com/montreal/en/ Dates: March 25 to 31, 2008 Where: The Grande Place in complexe Desjardins (located in downtown Montreal), in a neighbourhood that is home to several future urban development projects. Description: We are proud to present the 2nd official edition of a unique public event that highlights real estate development and infrastructure projects (commercial, residential, institutional and governmental) that will change the landscape of Montreal over the next quarter-century. This special event will feature a record number of architectural models, designs and plans loaned by various promoters and organizations and presented at the Grande Place in complexe Desjardins. The first edition in March 2006, presented at the CDP Capital Centre, was a huge success. This time we are planning for an even greater number of exhibitors and participants, and will be adding two new important elements - major TRANSPORTATION infrastructures and ENVIRONMENTAL PROJECTS (sustainable development). Members of the business community and government officials will be on hand for the official opening event at the exhibition site on March 25, 2008 hosted by honorary president Benoit Labonté, Mayor of the Borough of Ville Marie. This event will be attended by over 500 guests, all of whom are involved in and concerned about the urban and economic development of Montreal. The exhibition will be open to visitors free of charge. Thousands of visitors are expected over the course of the event, given that the complexe Desjardins attracts traffic of some 36,000 people every day. For more info on the exhibition: Robert J. Vézina, organiser 514-875-1353 ext. 205 [email protected] http://www.boma-quebec.org
  20. Investing in infrastructure A question of trust Chicago pioneers a new way of paying for infrastructure May 12th 2012 | CHICAGO AND WASHINGTON, DC | from the print edition FOR decades America has underinvested in infrastructure—even though poor roads, delayed flights, crumbling bridges and inefficient buildings are an expensive burden. Deficiencies in roads, bridges and transport systems alone cost households and businesses nearly $130 billion in 2010, mostly because of higher running costs and travel delays. The calculated underinvestment in transport infrastructure alone runs to about $94 billion a year. This filters through to all parts of the economy and increases costs at the point of use of many raw materials, and thereby reduces the productivity and competitiveness of American firms and their goods. Overall the American Society of Civil Engineers reckons that this underinvestment will end up costing each family in the country about $10,600 between 2010 and 2020. Yet though investment in infrastructure would bring clear gains in efficiency, there is little money around, and all levels of government are reluctant or unable to pile up more debt. Traditional sources of funding, such as the (flat) tax on petrol, have delivered a dwindling amount of revenue as soaring prices at the pump have persuaded people to drive less. The federal government has been unable to get Congress to agree on other ways to generate new sources of funding for transport, to the point where money for new highways has almost dried up. For years America has talked about a federal infrastructure bank, which would blend private and public finance and would yield returns over a long number of years. Various other countries have tried the idea, but it has never caught on in the United States. Barack Obama wants $10 billion in funding as initial capital for a national infrastructure bank as part of his jobs plan. So far the idea has gone nowhere in Congress. In March the mayor of Chicago, Rahm Emanuel, announced that his city could not wait for such help from elsewhere and will go it alone. With the speedy approval of the city council he created a new breed of infrastructure finance known as the Chicago Infrastructure Trust (CIT). The trust is not so much an infrastructure bank with money to hand out, but a city effort to match public infrastructure needs to private investors on a case-by-case basis; something more like an exchange. The city will finance the running costs of the trust itself to the tune of $2.5m. Several financial institutions are already lined up to make investments totalling $1.7 billion, among them Macquarie Infrastructure and Real Assets, Ullico, Citibank and JPMorgan. The background to this is that Mr Emanuel wants to spend about $7 billion to rebuild the city of Chicago—on everything from streets, to parks, to the water system, schools, commuter rail and the main airport. Tom Alexander, a spokesman for the mayor, says the city cannot ignore the future as it deals with the present. But raising the money needed for new investment, while maintaining the current infrastructure, is a daunting task. The CIT allows Mr Emanuel to tap the private sector for money, rather than just raising taxes and borrowing. The private sector will invest money in projects and get it back in the shape of tolls, user fees, premium pricing or even tax breaks. The first project is an investment of $225m to make city buildings more energy-efficient. This is expected to reduce annual energy costs by $20m, and the savings will then be used to pay back the investors. The CIT will provide some capital, bond financing and grants. It will also offer tax-exempt debt to entice investors. Returns on investment could vary from 3% on tax-exempt bonds to 8% for equity partners. Private involvement should, in theory, improve the quality of projects that get undertaken. A politically-expedient but financially dubious project would be unlikely to generate enough money to interest private investors. Padding, short cuts or shoddy construction are less likely to be tolerated. And city leaders might in turn overcome their aversion to the efficient pricing of public resources such as parking and busy roads. At the moment, investor appetites are keen and the supply of potential projects looks ample. The project is causing some anxiety in Chicago, though. Although the new trust would leave all the resulting investment under public ownership, the city’s recent bitter experience with a bungled 75-year lease of its parking meters under a previous mayor has left residents fearful. And with reason. For example, experience with public-private partnerships shows that cost-benefit estimates can sometimes prove wildly optimistic. When projects go bad—leaving half-built roads and schools—they become a public problem. Private investment might well end up being recouped in higher user fees. Mr Emanuel is well aware that other cities are watching this experiment with interest. The mayor is a hugely ambitious man, who is undoubtedly keen to leave a lasting legacy, and who some believe may want to remain as mayor for a period of Daleyian proportions. He, of all people, will want to build something that other cities will want to copy, not avoid. http://www.economist.com/node/21554579
  21. Plusieurs projets de Montréal s'y retrouve. Belle interface... http://top100projects.ca/map/
  22. Enjoy! Compliments of: Le Triomphe, Montreal, scale 1:87 *************************************************** CITÉ NATURE, Montréal, scale 1:87 ********************************************** DOWNTOWN MONTRÉAL, scale 1:1000 Some buildings in green...maybe some day they will rise.
  23. having recently walked through griffintown from downtown towards verdun i found that while the area is filled with many condo projects most of them look they have been there for quite a while and they all seem to be waiting after one another to 'pop' from the ground ... in the meantime the place still looks awfully desolate and abandoned and you have to think that this has an effect on the health of those projects - it's not like the city lacks any plans for griffintown but don't you think they should be more proactive about it and inject some fund in the neighborhood to help spur the growth of all these residential towers instead of waiting for them to actually get built before they do anything ? chicken and the egg kinda situation now it seems but imo the city should be the first to do actually do something and not the private developers .. after all all these years down the road its the city that will still be collecting tax funds if anything gets built - not the initial investors