Construction on the Griffintown project is delayed until at least 2010, La Presse has reported.
The president of Devimco, the project's developer, was quoted by the newspaper explaining the reasons for the delay: essentially, even though the first phase of financing, for land and infrastructure investments has been secured (mostly from local institutions), the next step requires around $400 million which the developer was raising abroad. In view of the current crisis, this money is hard to raise.
The final closing on land purchases is thus delayed until Summer 2009. Construction wouldn't start until Spring 2010 (previously, it was scheduled to begin in Summer 2009).