You likewise can't forget what drives these projects. Money. You can lament the decline of 'architectural expression' or whatever (and there's nothing wrong with that), but to forget entirely why buildings like this go up, then blame the architect for things that are often completely out of their control belies a naivete about why buildings like this one are built.
 
The Tentative Occupancy Date is now delayed to Aug 2022, as Informed by the solicitor of Six25BV
 
The number of floors will be increased from 8 to 11. So more units will be put up for sale in the coming months.
 
Once they are ready with a sales they are supposed to advertise, which they haven't started. Also they would like to start the construction this year. The same developer is selling Town houses @ Clarkson GO station. Building is coming up next to the GO station parking lot on the North side (west) next to some apartment buildings.
 
Passed by the site on the weekend and almost the same as 1 year ago.
The old houses are still there. I didn't see any development/construction.
Are the developer waiting for something? I know the project has already delayed by ~ 2 years.
 
Take a look at their first (and only property), University Heights. Construction delays were measured in years, not months. Now they can't even give those units away. Let's hope that buyers get their money out before those guys pack it up and re-brand again.
 
David29 said:
Passed by the site on the weekend and almost the same as 1 year ago.
The old houses are still there. I didn't see any development/construction.
Are the developer waiting for something? I know the project has already delayed by ~ 2 years.
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The new close date in Mid 2022. Typically you need 2 yrs to construct and therefore they will only start construction in 2020. In the interim they hope many customers will ask for their money back and they in return can re-sell at current market rates , which is higher and therefore higher returns to the builder. The builder has approval for 11 floors from the city now vs the original 7. Therefore he should be re-launching his project soon. Haven developments is also currently selling stack townhouse condos next to Clarkson GO. Basement condos around 500SF for $450k
 
I'm not sure where Kumar gets his information, but if the builder is really hoping that people ask for their money back for the sole purpose of reselling the units, then Haven Developments has no business selling units in the first place.
 
khachik4 said:
I'm not sure where Kumar gets his information, but if the builder is really hoping that people ask for their money back for the sole purpose of reselling the units, then Haven Developments has no business selling units in the first place.
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I hope my theory is wrong, but many builders are doing the same these days and the buyers have no choice. Gupta developers at the site of Vaughan Metropolitan centre cancelled its project last september called Icona project. Now they are planning on relanuncing this project with a different name.
 
Kumar said:
I hope my theory is wrong, but many builders are doing the same these days and the buyers have no choice. Gupta developers at the site of Vaughan Metropolitan centre cancelled its project last september called Icona project. Now they are planning on relanuncing this project with a different name.
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Gupta had a (unique in town, so far) legal issue at the time that stopped the Icona development in its tracks: the people who sold them the land years ago invoked a codicil in the sales agreement that prevented the land from being used for something other than a hotel. Gupta has recently reached an agreement with that party (I assume millions of dollars are changing hands), and the relaunch is coming.

I think the closest parallel in town to this situation is where the (now defunct) developer of the Templar Hotel was stalling on a project they had sold called Langston Hall that they were trying to up-zone afterwards to be twice—and then twice again IIRC—the original size, to cover themselves following delays that made the original building unfeasible financially: if you don't build quickly enough, your plans can be ruined by rising material or labour costs, and then the banks will not hand over the construction financing that you arranged earlier. I'm pretty sure that this is what really killed Castlepoint's Museum FLTS project too. I'm less familiar with what happened at Liberty Group's project on Highway 7 in Concord. With lots of developers selling before they have all the zoning and other approvals needed to build quickly, I believe we have quite a number more cancellations coming over the next while. This isn't over.

42
 
Thanks for yur
interchange42 said:
Gupta had a (unique in town, so far) legal issue at the time that stopped the Icona development in its tracks: the people who sold them the land years ago invoked a codicil in the sales agreement that prevented the land from being used for something other than a hotel. Gupta has recently reached an agreement with that party (I assume millions of dollars are changing hands), and the relaunch is coming.

I think the closest parallel in town to this situation is where the (now defunct) developer of the Templar Hotel was stalling on a project they had sold called Langston Hall that they were trying to up-zone afterwards to be twice—and then twice again IIRC—the original size, to cover themselves following delays that made the original building unfeasible financially: if you don't build quickly enough, your plans can be ruined by rising material or labour costs, and then the banks will not hand over the construction financing that you arranged earlier. I'm pretty sure that this is what really killed Castlepoint's Museum FLTS project too. I'm less familiar with what happened at Liberty Group's project on Highway 7 in Concord. With lots of developers selling before they have all the zoning and other approvals needed to build quickly, I believe we have quite a number more cancellations coming over the next while. This isn't over.

Thanks for your insight. Lets hope Heaven development goes ahead with a project and launches the sale to market the balance 3 floors they had received approval for.
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