Claridge Homes chief financial officer Neil Malhotra said higher mortgage rates, rising construction costs due to inflation and a new bylaw that hikes the fees developers pay to the city in lieu of parkland at highrise building sites have combined to make large-scale development projects a risky proposition.
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The City of Ottawa has approved more than $150 million in tax breaks for developers who clean up contaminated sites since the program began 15 years ago, although it has paid out far less than that.
The noise at a Claridge Homes construction site is so loud that outdoor recess at nearby Devonshire Community Public School was cut short, and parents say they're worried about possible hearing damage if the loud banging continues.