Zero 1, 170 unités - 12 étages (2011)

[monctezuma]

Projet terminé

[denpanosekai]

I'm just wondering if people actually live there, or if this project was successful overall. It always looks dead. Couche-Tard closed and Peace Park is a no-no after sundown. The whole Sainte-Catherine / Rene-Levesque / St-Laurent / Berri area is highly depressing, despite all the new condo projects. Probably my least favourite spot in Montreal.

[mtlllx]

It's condo hotels. Purchasers could buy, the hotel would manage and you would be promised returns on investment. Sort of like the Trump tower in Toronto. Profit sharing between owners that depend on the hotel being at 70% booked.

 

I heard through sources (unfortunately I could not find any info online) that the hotel was not doing well.

Also, the floorplans are small hotel rooms, loft style, with mini kitchenette that apparently is not up to code for residential use. I think Cholette has a lot of issues in regards to this with the city and many purchasers were not legally allowed to get mortgages from banks.

 

Would love more info or sources if anyone has any.

[p_xavier]

J'ai lu cette semaine dans le Star les problèmes du Trump Tower, justement à cause des hypothèques,

[mtlllx]

Oui c'est exactement ça. Voici l'explication:

 

Talon reportedly struck a deal with the Ontario Securities Commissions that allowed it to market the project as residential, even though the majority of units are hotel suites that are being rented out, and those types of projects are typically considered commercial.

 

Investors say they bought the units on the understanding they would be classified as residential. But the Star reports banks are saying the units are commercial and refusing residential mortgages for the people who bought them.

 

A law firm representing the investors suing Talon said last year the condo-hotel units are losing money at a rate of $175 per day, because rental prices are lower than expected and the occupancy rate is a paltry 10 to 50 per cent.

 

http://www.huffingtonpost.ca/2013/08/13/trump-tower-toronto_n_3745382.html?utm_hp_ref=canada-business