I reckon it just comes down to lack of sales. They likely didn't reach a high enough threshold prior to the market slowdown, and probably haven't been able to substantially move the needle since.
 
AlbertC said:
I reckon it just comes down to lack of sales. They likely didn't reach a high enough threshold prior to the market slowdown, and probably haven't been able to substantially move the needle since.
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It was City land, and I would hope any development plan, particularly public components from parkland to affordable housing had deadlines........

If Diiamond-Kilmer can't deliver, they can surrender the site back tot he City and take a write-down.

I mean exposed lagging in that pit will fail if they don't move to finish that bit up and close it in.
 
Answering my own question - this popped up in our neighbourhood WhatsApp this afternoon. It's dead and deposits are being refunded. https://www.birchleypark.com

Due to the ongoing challenges in the Canadian real estate market, we’ve made the difficult decision to release condominium unit purchases at Birchley Park as we reassess future plans for the site. All purchaser deposits have been returned in full, with interest.

We are taking this time to reevaluate Birchley Park to ensure it better reflects the evolving needs of Toronto’s housing market.
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JamesKoole said:
Answering my own question - this popped up in our neighbourhood WhatsApp this afternoon. It's dead and deposits are being refunded. https://www.birchleypark.com
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Great info, thanks.

Well, if they hold it, in the near term this only moves as rental. But if that's the case, I expect some re-working here. @HousingNowTO will want to follow along.
 
Northern Light said:
It was City land, and I would hope any development plan, particularly public components from parkland to affordable housing had deadlines........

If Diiamond-Kilmer can't deliver, they can surrender the site back tot he City and take a write-down.
Click to expand...
It was City land SOLD under an old BUILD TORONTO deal (pre-CreateTO's arrival in 2018).

As we have seen on other Scarborough sites, like 80 DALE AVE -- there's no "take-back" option. The deal was always that the City eventually got a 2nd pay-out for the re-zoning uplift.
 
HousingNowTO said:
It was City land SOLD under an old BUILD TORONTO deal (pre-CreateTO's arrival in 2018).

As we have seen on other Scarborough sites, like 80 DALE AVE -- there's no "take-back" option. The deal was always that the City eventually got a 2nd pay-out for the re-zoning uplift.
Click to expand...

Hmmm, how does the impact the Habitat for Humanity site?

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From:

 
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