By JOE FRIES Monday, November 24 Penticton Herald:
City officials are expecting a 30-per-cent drop in the total value of building permits next year in the wake of ongoing economic uncertainty. But Mitch Moroziuk, the city’’s director of development and engineering, said he’’s not aware of any current projects being halted due to the credit crunch. He’’s "also had people come take out big building permits in the last months," although that doesn’’t mean they plan to move immediately: "they might spend a little more time doing their paperwork now, so they’’ll be better positioned to move ahead when they think there’’s more opportunity to do that." Indeed, in the first week of October, Vancouver-based Pilot Pacific Group took out a permit for a $20-million apartment building to be located on Skaha Lake Road. No one from the company was available for comment Friday afternoon. Pilot Pacific is the firm behind the Alysen Place project also on Skaha Lake Road. At least one local developer, however, is slowing the pace on a large project. The Singla Brothers are building a five storey, 40-unit condominium complex on Winnipeg Street that’’s still in the framing phase. Paul Singla said there is "no rush" to get the product on the market, because "people are not looking to buy right now." He didn’’t want to mention names, but said there are other some developers who are simply sitting on plans right now while they ride out the storm and wait for buyers’’ nerves to mellow.
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