Is there a permit issued yet for this development

He signed a contract which indicates the date by which if the developer does not obtain a permit then the money will be returned. The developer has informed him that he is willing to break the contract for a small fee of 5k to return his money earlier than when it is due.

I believe they own the land, but do not have a permit to build

How is it you got it so much earlier. Did you have to approach them and ask?

Did anyone who purchased in building A receive their money back yet?

Where did they announce this. Also, is this building a and b

Who said this project is dead. They literally just asked for an extension to obtain their permit.

Appears as though 5959 took down their Facebook page. Wondering if this is indicative of anything.

I agree with Sunnyraytoronto, why would you trust someone who has a serious incentive in you extending the deadline. If you read through the forum, everything about this project has been regurgitated and compiled for you.

I will be taking back my down payment. I’d rather invest right now in a pricier house market then wait another 6 years and regret it even more if it does not get built.

They should have secured a permit before starting to sell units just as M2M did. This problem with the permit has been ongoing for quite a while. I feel like you should only accept the extension if you do not mind having 50-100k ties down for another 4-6 years. Because that’s probably how long...

M2M has a permit already. 5959 does not have a permit and it is not clear if they will obtain a permit

Of course your agent will tell you to extend. If you don’t then he does not get paid. This literally comes down to whether you want to take the risk with the permit. This project could literally take another 4 years before they get their permit for all we know

This project has been ongoing for 4 years with no end in sight. On the other hand if you bought it 4 years than the price of the home would have increased significantly. You need to weigh the choices. It also depends on whether you need the money now.

they are having a very difficult time obtaining their permit. You can take a risk or cut your losses