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!
 
...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. >.<
 
UtakataNoAnnex said:
...er..the developer is.
Click to expand...
Developer isn't bankrupt,.... errr,... they're very well protected,... and very well connected - always has been! "My Cousin Vinny",... and his Papa,....
 
Sucks the hoarding is still up and the sidewalks a mess the city should force them to at least finish that immediately.
 
kris said:
Sucks the hoarding is still up and the sidewalks a mess the city should force them to at least finish that immediately.
Click to expand...

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

1764901742248.png

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???
 
sunnyraytoronto said:
Developer isn't bankrupt,.... errr,... they're very well protected,... and very well connected - always has been! "My Cousin Vinny",... and his Papa,....
Click to expand...
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.
 
For each Project, Developers often set up separate entities - like here it's "G Group 5220 Yonge LTD" (but for most they just leave out their name) to try to limit their liabilities.

Here, as per the Receivership article "G Group Development Corp., G Group Management Inc., 2217439 Ontario Inc., Thornrich Investments Ltd., Guizzetti Corporation, Stefano Guizzetti, and Giocomo Scivoletto served as the guarantors of the loan." Well, that's from the G-Group money side,....

What's interesting is,... LaLu Canada isn't mentioned,... they're the silent money partner,... LaLu seems to be a web of Chinese financial entities with questionable links to Chinese money laundering from powerful Chinese Communist Party members,.... so, is the other shoe about to drop?

Ellie Condos | 105.76m | 31s | G Group | Kirkor

urbantoronto.ca urbantoronto.ca
February 28, 2022: "Over $154M tied to detained Chinese-Canadian oligarch invested in GTA real estate"
globalnews.ca

Over $154M tied to detained Chinese-Canadian oligarch invested in GTA real estate | Globalnews.ca

Xiao Jianhua, a Chinese-Canadian billionaire, was abducted in 2017. A Global News investigation has found his wife and family are quietly developing massive condos in Canada.
globalnews.ca globalnews.ca
 
Two of the features promised here were - and now seem doomed:
- North York Mews - area adjacent to Sorbara Beacon to become Community Outdoor amenity with Farmers Market and Events lined with St.Lawrence Market like retail stalls - which are now Food Incubator at Beacon and to be Community Office Space at Ellie Condo.
- 2nd Floor "Upper Market" Food Hall - likely predominately Asian Food Hall as per the area's demographic,... but now seems doom with the delay and Fall 2026 arrival of Ontario's largest T&T at Empress Walk - which will have a bunty of Ready/Prepared Food and Food Court
 
You must log in or register to post here.

Back
Top