Uncle Sam? You realize you're in Canada not the United States, right? I think some Canadians watch so much US media that they forget what country they're in. The Canadian government may have an interest in helping Canadian industry but the US government certainly won't.
 
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cd concept said:
I was wondering is there a way the government can step in and help the Developers with there two stalled projects. Then pay Uncle Sam back later with interest. This way we can keep the ball rolling and keep these projects moving ahead.
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No level of government is going to bail out a mismanaged condo project and defunct developer. There's no binding accountability for that.
 
AlbertC said:
No level of government is going to bail out a mismanaged condo project and defunct developer. There's no binding accountability for that.
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I always thought these two developments that were stalled. We're moving pretty well in construction until covid 19 hit. It's looks more like they're a victim of circumstances not mismanagement in my opinion.
 
cd concept said:
I always thought these two developments that were stalled. We're moving pretty well in construction until covid 19 hit. It's looks more like they're a victim of circumstances not mismanagement in my opinion.
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What's the second development? Cresford has already lost 33 Yorkville, Clover and Halo. YSL is the only active project they're technically still clinging onto for the moment. Unless you're referring to the eternally unfinished courtyard and podium detailing on Casa III.

Reports of cash flow problems, high risk loans taken, unpaid amounts for construction work, and a lawsuit initiated by a former company executive started to surface back in February of this year. So the issues have been boiling for some time now. Cresford have developed some good buildings in Toronto during their time, but it's not up to any level of government to foot the bill for their accumulated mismanagement.
 
Big Daddy said:
Their best bet is to sell the project of course, but the timing is awful.
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I kinda expected a partnership to appear; Cresford dealing with the day-to-day and a partner to act as guarantor (handle accounting and provide oversight) for financing purposes. The project ought to be profitable if they can hit the contracted Firm Closing Dates (around 2024).
 
cd concept said:
I always thought these two developments that were stalled. We're moving pretty well in construction until covid 19 hit. It's looks more like they're a victim of circumstances not mismanagement in my opinion.
Click to expand...
cd concept said:
I was wondering is there a way the government can step in and help the Developers with there two stalled projects. Then pay Uncle Sam back later with interest. This way we can keep the ball rolling and keep these projects moving ahead.
Click to expand...

It's not just 2 if you look Canada wide there are many got impacted by COVID .
 
jayme2016 said:
It's not just 2 if you look Canada wide there are many got impacted by COVID .
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This development was not stalled because of COVID. Please read the thread more carefully before spreading misinformation.

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YSL may well have been stopped because of Cresford financial overreach predating COVID. The point is, has the condo market for (almost) supertalls weakened after COVID, further complicating going forward with YSL? Too bad, at least on this thread, someone in the know can't be candid about this concern.
 
elad said:
YSL may well have been stopped because of Cresford financial overreach predating COVID. The point is, has the condo market for (almost) supertalls weakened after COVID, further complicating going forward with YSL? Too bad, at least on this thread, someone in the know can't be candid about this concern.
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Are you not a little early in looking for certainty out there? COVID certainly slowed down the market noticeably early on, but the last couple of months have seen the real estate market generally roar back to record levels, if not quite as solidly for high-rises over low-rises. Things will continue to change as our capability to fight COVID grows… but who knows exactly how quick the on-ramp back to normality is going to be? Any answer given today will be out-of-date in a month.

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Does anyone know if buyers were formally notified by Cresford of the project's status knowing that it will be on hold indefinitely?
The official website was recently taken down, it no longer works http://yslresidences.com/
Not a good sign.
 
A pretty valuable piece of property to be left for too long. Like anything else, when the price is right, someone will buy it. Covid doesn't help, but as noted above real estate sales are picking up to previous levels and more.
 
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