Ritz-Carlton hotel in Vancouver stuck in a muddy hole

Hailed as a sign of the times, the development of a massive luxury tower in downtown Vancouver has been put on hold. The 60-storey Ritz-Carlton hotel and condominium was under construction on West Georgia Street until last October, when the workmen had to leave.

Then in the last week of February, the building’s developer, Holborn Group, said it was re-evaluating the $500-million project. In the meantime, anyone who had pre-purchased a unit would get their money back.

The twisting tower was designed by Arthur Erickson, with a hotel on the lower floors and 120 luxury condominium units on the upper floors. The price of the units was as high as $10 million.

A deep excavation hole surrounded by wooden hoardings now marks the site.