3Dementia

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I realize there's now a real estate thread for Greenland-specific woes, but I think this "big picture" take on the perils of pre-construction deserves some eyes (before it's moved to some place MODerately obscure lol).

It's from Toronto Realty Blog. Part 3 though the blog contains links to Parts 1 and 2.

Decent roundup of the when and why and how of cancellations (and “the players”) during the past number of years (infused with some occasional black humour worth a chuckle or two)… about this very unfunny (for purchasers) phenomenon in the city.

Cleaning Up The Pre-Construction Condo Industry! (Pt3)

https://torontorealtyblog.com/blog/cleaning-up-the-pre-construction-condo-industry-pt3/
 

DSC

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Thank you, everyone, for looking into this matter and sharing your findings on this "ongoing" build.

Has anyone heard anything from them recently? They seem to have gone extra completely dark. I wonder if it has anything to do with the recent news: https://www.bloomberg.com/news/arti...greenland-says-it-s-likely-to-default-on-bond
As has been discussed here ad nauseam, this project, WITH Greenland, is CLEARLY dead and has been since late in 2021 when they ceased excavating. If (or when) another developer buys the site (and possibly the plans) from them you can bet it will be posted here.
 
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mburrrrr

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From today.
What’s up? Swim platform. Skate rental booth? Sauna?
Drain and back fill?
C3D4DAD4-C372-4E94-AB6D-7B0B8577A350.jpeg


8CE29144-150C-4568-AB1D-BB7E5B8DC120.jpeg


New ladder.
821FA20F-E284-425D-A018-25CE43005A69.jpeg


Sept 13.
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Northern Light

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It appears to me that, that staves off probable liquidation/default by pushing out deadlines, but it still gives them a tight time period in which they must resolve ongoing liquidity issues.

It's a 1-2 year extension of bonds outstanding, to June '24 and Nov '25.
 

Bjays92

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It appears to me that, that staves off probable liquidation/default by pushing out deadlines, but it still gives them a tight time period in which they must resolve ongoing liquidity issues.

It's a 1-2 year extension of bonds outstanding, to June '24 and Nov '25.
Precisely. A magical handwave will not make Greenlands problems go away. This is just delaying the inevitable and potentially giving them more time to find a potential buyer to take this off their hands.
 
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