[ProjectEnd]

Office isn't complete.

None of it is "complete", nor will it be for a good while yet:

Near-complete Yonge St. development in receivership: $185M owing

A highrise mixed-use project at Yonge Street and Ellerslie Avenue in Toronto has been placed under receivership, according to filings in Ontario Superior Court, an unusual turn of events for a project that is nearly at the finish line.

renx.ca

 

[whatever]

I'm a little surprised they were able to register the sold units with all those liens on the development.

I'm not sure what the plan ever was for the commercial side. It seemed like there was no effort at all to get to any of the base fit-out

 

[sunnyraytoronto]

G-Group sold out all their condos at Ellie-Condo pre-construction,.... but couldn't sell any of their Office-Space (10 or 11-storey),.... oh, and that was Pre-Pandemic!

 

[taal]

What's a likely end outcome here ?

Someone purchases it on the cheap, maybe converts the office to a hotel and tries to lease the retail ?

 

[UtakataNoAnnex]

...a thing about white elephants is that they're usually given away because nobody really wants them. And if there is no chance for this animal to be given away, then it could stand there *incomplete* for the ages. >.<

 

[B!gz]

Office isn't complete.

Buildings bankrupt?

 

[UtakataNoAnnex]

Buildings bankrupt?

...er..the developer is.

 

[sunnyraytoronto]

...er..the developer is.

Developer isn't bankrupt,.... errr,... they're very well protected,... and very well connected - always has been! "My Cousin Vinny",... and his Papa,....

 

[kris]

Sucks the hoarding is still up and the sidewalks a mess the city should force them to at least finish that immediately.

 

[sunnyraytoronto]

Sucks the hoarding is still up and the sidewalks a mess the city should force them to at least finish that immediately.

One of the CityPlanning condition for ReDevelopment along Yonge St is that they must convey their first 10-15 feet strip of Yonge frontage property to the City for wider sidewalk/roadway

According to City's Interactive Map (above), it seems that land conveyance does not happen at the end of a construction project - but actually at the beginning as condition for Building Permit to be issued!
- so where old sidewalk is on Yonge St under their Pedestrian Hoarding,... add another 10-15 feet towards their building - that's now City Property!!! It's been City Property since Summer 2019 when construction started! See the Pink (Property Line) that lines up with the Property Line of Sorbara's Beacon Condo that completed years ago with wider sidewalks.

There's also a condition where - towards the end of the project, Developer is responsible for rebuilding the new wider Pedestrian Sidewalk - to City specs and design as agreed upon,.... and to guarantee that, Developer must submit a monetary deposit / cashier cheque - prior to the issuance of Building Permit (back in 2019?),... so that if Developer faults on contract, the City has their money to hire contractors to construct the sidewalk!!! Well, not right now in December! But in the Spring - in Construction Season!

So the question now is,... are all the Outside Construction done? Are there anymore outside construction requiring heavy machinery - that can damage sidewalk???

 

[UtakataNoAnnex]

Developer isn't bankrupt,.... errr,... they're very well protected,... and very well connected - always has been! "My Cousin Vinny",... and his Papa,....

I think I should be saying they went into receivership with this project for clarity here. But either way, the ball is in their court...no pun intended.