Corktownie said:
I was just passing by this site and saw that the big "coming soon" signs have been taken down. The project is still listed on Slate's website, but with no renderings, no details, and (somewhat bizarrely) a placeholder stock photo of Locke Street: https://www.slateam.com/developments/corktown/. Anyone have any inside dirt on what's happening here? I wonder if they're rethinking the project, maybe converting it to rentals or something like that?
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From a July 19 Spectator article:

www.thespec.com

Condo development in Hamilton stalls as market hits historic low

Aspirations for highrise residential growth are on hold as developers pause projects
www.thespec.com www.thespec.com

"Slate Asset Management has planned three buildings of 27, 14 and eight storeys, with nearly 800 units between them, at the shuttered Corktown Plaza off John Street South.
Corktown
Slate Asset Management has planned three buildings of 27, 14 and eight storeys, with nearly 800 units between them, at the shuttered Corktown Plaza off John Street South.
Slate Asset Management
But “in light of changing market conditions for condos sales,” Slate has “proposed an amendment” to buyers of the first tower that would “extend our construction financing condition timeline by one year,” a company spokesperson said via email.
The only change for buyers who accepted the proposal is the extended timeline, but full deposits with interest were refunded to those who wanted out, Slate noted.
“We remain committed to finding ways to move forward with the project, and we are working hard to realize our vision for this community.” "
 
Hmm. I’m guessing a lot of people probably took them up on the offer of getting their deposits fully refunded with interest. Will be interesting to see where they go from here.
 
danimmclean said:
The project has been canceled officially... I don't think this will be the only circumstance. Many pre-builds across Ontario are following suit.
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Thanks for the confirmation. Unfortunate, but not exactly surprising. What's interesting to me is that Slate still has the project listed on their website. I wonder if they're biding their time and planning to relaunch sales when the market improves or if they'll convert it to rentals or if they'll eventually just give up and try to sell the land to someone else. In the meantime, it's really infuriating that all the businesses in the plaza were shut down and now the city is stuck with this unsightly vacant block for the foreseeable future.
 
Corktownie said:
Thanks for the confirmation. Unfortunate, but not exactly surprising. What's interesting to me is that Slate still has the project listed on their website. I wonder if they're biding their time and planning to relaunch sales when the market improves or if they'll convert it to rentals or if they'll eventually just give up and try to sell the land to someone else. In the meantime, it's really infuriating that all the businesses in the plaza were shut down and now the city is stuck with this unsightly vacant block for the foreseeable future.
Click to expand...
They still own the land and I imagine like most developers right now are trying to figure out if they can do it as a rental instead.
 
Wow, the Spec really moved fast on that story! The statement from Slate strongly suggests that they're going to try to switch to rental: "we are re-evaluating how we may still be able to deliver much needed housing in a reasonable time frame." I hope they succeed.

The article also notes that the Rebecca and the Moderne (Royal Connaught) are both less than 50 per cent sold, so I assume it's only a matter of time before they get cancelled as well.
 
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