TOCondoGarden said:
And who really thinks that it's going to be a poorly executed high-rise?
Click to expand...
Sorry, I should have worded that better. What I meant was poor execution in terms of the ground levels and urbanity of the high-rise (meaning the building and not just the tower part). I certainly don't see the overall execution to be a poor one. These guys are doing a fantastic job with what they've done so far. Some of the best stuff in the city in recent memory in my opinion.
 
With four different phases (all of which beginning Interim Occupancy Periods at very different times in the construction history of this project), does anyone know if the entire development will be grouped within a single Condominium Corporation, or will there be 2 or 3 different Corporations representing different buildings?
 
T.0.isthebest said:
With four different phases (all of which beginning Interim Occupancy Periods at very different times in the construction history of this project), does anyone know if the entire development will be grouped within a single Condominium Corporation, or will there be 2 or 3 different Corporations representing different buildings?
Click to expand...

Early phase owners will have contributed substantially to capital reserves, and that's quite literally money-in-the-bank: this factor, different levels of condo fees arising from management styles, and politics make mergers a complex consideration. Does anyone know of condo corporations that have merged? I'd like to be wrong about this being possible.
 
Under the Condo Act condominium corporations can merge but it's not easy to do.

"Amalgamation

120. (1) Subject to the regulations made under this Act, two or more leasehold condominium corporations or two or more freehold condominium corporations of the same type may amalgamate by registering a declaration and description amalgamating the corporations if,

(a) the board of each amalgamating corporation has held a meeting in accordance with subsections (2) and (3);

(b) the owners of at least 90 per cent of the units of each corporation as of the date of that corporation’s meeting have, within 90 days of the meeting, consented in writing to the registration of the declaration and description; and

(c) the corporations have complied with all prescribed requirements. 1998, c. 19, s. 120 (1)."

It's much more usual to see adjacent separate corporations that have 'shared facilities' to have agreements covering how these are paid for and managed.
 
College Park said:
Early phase owners will have contributed substantially to capital reserves, and that's quite literally money-in-the-bank: this factor, different levels of condo fees arising from management styles, and politics make mergers a complex consideration. Does anyone know of condo corporations that have merged? I'd like to be wrong about this being possible.
Click to expand...

Actually, the idea of the "mergers" you mentioned didn't cross my mind at the time I made my previous post. My thoughts reflected quite the opposite. I've witnessed circumstances where a Condominium Corporation contains more than one building, with each making their own, varying contributions to the Corporation funds (at least as perceived through the eyes of each set of residents) that has led to conflict during Condo Board meetings, and ultimately, to the break up of a Corporation into separate entities.

With multiple buildings being built at different times, each with features unique to itself (and not just size and number of units), yet, with shared amenities, I wonder if there is a possibility of conflict that can be expected to arise more readily between residents of this project given that it will eventually be comprised of buildings with four phases?

...Just a thought....
 
I cannot imagine why the phase 3 or 4 condos would be in the same condo corp as phases 1 and 2. Maybe 1 and 2 will be the same as they will be sharing a garage and amenities, but even those two phases may be separate corporations with a cost sharing arrangement written for the shared features.

42
 
^ yes 42, that's exactly how the condo declaration for Phase 1 is written...with a cost sharing arrangement with Phase 2 for shared amenities, like the outdoor pool above the parking structure.
 
These are fantastic, probably the best development in the last 10 years. This neighbourhood will be very desirable!
 
The black surface is very shiny and should make this development stand out. Photo taken 2 February 2013.

IMG_5659-XL.jpg
 
Last edited by a moderator:
You must log in or register to post here.

Back
Top