Plans to build a 28-storey tower near Portage and Main are on hold as Creswin Properties conducts more due diligence on its proposed hotel-and-condo tower.
In August, Creswin began marketing condo space in a project dubbed One Portage & Main, which would rise on an empty surface lot at 416 Main St., immediately north of the Creswin-owned tower at 201 Portage Ave.
That sales effort is now on hold while Creswin retools the economics behind the project, said Gary Bachman of Century 21 Bachman & Associates.
"The interest was there. The costs just need to come down," Bachman said Tuesday in an interview. "We've been told to wait until everything is straightened out."
Plans for One Portage & Main first emerged in May, when Creswin fenced off the surface lot at 416 Main St. and then applied to the city for a partial lane closure at the rear of the building. The initial proposal called for a hotel to serve as the main tenant in the building, along with office space and six floors of condominiums.
Bachman began accepting deposits and reservations at the end of August. Prior to this year, Creswin has resisted development proposals for the lot, as co-owner David Asper said he was waiting for the right opportunity.
Asper said via email Creswin stills hope to build One Portage & Main. "We're assessing the results of due diligence thus far and doing some further leg work. It takes time," he said. "These types of development can go through many permutations before they become real..."
-- Bartley Kives