[investican]

Driving along Sheppard Ave W. quite a few times and I've noticed the excavation of a small condo site...for about a year...and nothing has happened just doing a bit of research on it now.

Project was originally started by Regency Park Homes (Sonterlan Corp), but in late October 2009 it went to receivership -- http://www.deloitte.com/view/en_CA/...ucturingproceedings/project-801-inc/index.htm

Here is the staff report: http://www.urbandb.com/document/801...y-hall-final-report-2007-05-19-2007-05-19.pdf

The property was sold and closed to Urbancorp on Feb.3rd.2010 for $1.55 MIL

Render is attached.

Anybody know the status of sales before?
Going by its started construction, Im going to assume a good portion of the condos were pre-sold.

 

[taal]

Ah! I've been wondering about this one for a while! Good to know.

hmm, 1.5 mill seems kinda low no?

 

[investican]

Ah! I've been wondering about this one for a while! Good to know.

hmm, 1.5 mill seems kinda low no?

With the site all approved, dug and the two underground parking floors all done for that price (Assuming there is a good % of sales) its a very good deal.

Urbancorp knows it and it was a receivership so the original lender just wanted to get their funds back.

However, there are risks associated with purchasing: Depending on how the contracts were written but more than likely because it went into default and its a new developer the purchasers had a chance to just walk away and get their deposit back. Also, like any failed development theres that stigma by current and future buyers on the project---

Don't know what the units sold/are for sale.

Nevertheless, it seemed to be a really good deal.

waiting for urbancorp to update their site for new info

 

[Junction416]

Grabbed these shots of the site about a month ago.

 

[investican]

Thanks! Great pics. I think very soon we will see movement on this site.

 

[Junction416]

Reminds me of the pit in that show Parks and Rec...

 

[The Jet]

Does anyone know what's happening with this site? There has been a flurry of construction activity in the past 4 weeks or so, but still no sign of when units will go on sale...nothing on the urbancorp website either...

 

[investican]

For MODS: Project Finally has a Name "Acclaim Condos"

Nothing on UrbanCorps' site yet--

 

[urbandreamer]

It should sell as well as a 1990 Plymouth Acclaim.

 

[BMyers]

Investican: How did you find out the name?

 

[investican]

I have a friend that works with the Lender.
Also, apparantly all previous purchase contracts for this property have been cancelled and it will start as a 100% brand new marketed project.

 

[TwoDogs_39]

Holy crap, I'd seen this site for months and months, and I always wondered what happened to the site. There was only a crane and an empty lot, it was so weird.

I drove by today and WOW, there's an entire condo up there! Caught me off guard. There are some current construction photos on the website:

http://www.urbancorp.com/acclaim/constructionphotos.html

It looks like a cute project.

 

[SixPoints]

I wonder if the TTC knows they "borrowed" their symbol on the website?

 

[Solaris]

Acclaim apparently is 7 storeys ~

Website: http://www.urbancorp.com/acclaim

 

[v17]

Building is almost complete from the looks of the pics posted on their site. http://www.urbancorp.com/acclaim/constructionphotos.html

5% total down isn't bad. I wonder when the prices will be released.

How attractive is the area? From Google Street View it looks pretty isolated and still about a 15 min walk to Downsview Station