It was an incredible scene as hundreds of new homes were put at risk as councillors made a critical funding decision by flipping a coin in council chambers.
Construction industry figures were left aghast when a developer bidding to create more than 250 new homes had a contribution towards a primary school hiked by £2 million after a split vote was decided by an actual coin toss. It placed the development under threat in an instant.
Artisan Real Estate and REInvest Asset Management SA earlier unveiled "spectacular" plans to redevelop the former Deutsche Bank House at 525 Ferry Road in the Scottish capital.
The developer earlier lodged a planning application with the City of Edinburgh Council to transform the vacant site into a new neighbourhood providing 256 sustainable homes, 25% of which will be for affordable housing.
Now the developer said this week the late change in contributions for education has thrown the viability of the project into question.
READ MORE: 250 new homes 'in jeopardy' after £3m developer charge decided on toss of a coin
David Westwater, of Artisan Real Estate, said: "A threefold increase in Section 75 education contribution to £3 million would challenge the viability of any development – especially at a time when the residential market is still struggling to come to terms with the impact of higher interest rates on mortgages and developers are facing increased build and construction finance costs.
"This decision could delay or put in jeopardy the delivery of this much-needed housing in Edinburgh which we had hoped would significantly address the city’s well-publicised 'housing emergency'."
Mr Westwater added that Artisan’s development - which was recommended for approval by planning officers following an 18-month planning and consultation process - was set to deliver a sustainable homes-led redevelopment of one of Edinburgh city centre’s largest potential development sites.
"We have set out an ambitious vision to transform this vacant site into a new residential neighbourhood providing 256 much-needed sustainable homes - 65 of which are for affordable housing. There is also provision for flexible commercial space facing on to Ferry Road, creating potential for cafes, shops and shared workspaces.
"This is a significant project providing much-needed new homes and commercial space to a vacant brownfield city centre site."
WATCH: How the coin toss moment unfolded (from 02.14.00)
Coming at a time when the council is in an official state of "housing emergency" the optics of councillors harrumphing around heads or tails might not instil a sense of confidence among investors.
It is astonishing that this would not be obvious, and that a better tested calculation on the Section 75 contribution towards primary school provision could not agreed.
The council said the practice of deciding a tied vote by lot is allowed by law, and that a planning decision can be appealed once a decision notice has been issued.
Elsewhere, business editor Ian McConnell says the Scottish Government’s decisions on income tax have been "very much under the microscope".
"In the run-up to and ever since the advent of devolution in 1999, the power to vary income tax in Scotland has been a hot topic," he writes.
Deputy business editor Scott Wright reveals that a campaign demanding a major change to UK Government policy "reached a notable milestone in recent days, and it may yet cause Rishi Sunak & co to sit up and take notice".
In Business Insight, Kristy Dorsey writes: "Who will shed a tear for British Gas as it fell into the red during the second half of last year? Probably not many among the millions who continue to grapple with the cost of heating their homes."
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