TossYourJacket
Senior Member
Concord Adex and Pemberton too please.
- Thread starter PMT
- Start date
xy3
Active Member
It's dead , Jim
HousingNowTO
Senior Member
Various different parcels within this MASTER PLAN area -- are being are now being listed for SALE by the Receivers via different BROKERS...
Full Metal Junkie
Active Member
Some activity on this site in the past couple of weeks, but not the kind of activity that we like. Looks like they are trucking shale rock from a different construction site and dumping it here. Photos from today:
There were 3 dump trucks lined up yesterday morning, waiting to dump (couldn't snap any pics). Today the dozer is grading.
There were 3 dump trucks lined up yesterday morning, waiting to dump (couldn't snap any pics). Today the dozer is grading.
AlbertC
Superstar
In a couple months we'll probably be seeing people dump their Christmas trees here as well!
YIMBY519
Active Member
Received a letter from the receiver on Monday that a sale of the property/project had been unsuccessful and that they are working to begin returning deposits to purchasers. A lot of land in this node with no forward path to breaking ground. Very sad.
just east of the creek
Senior Member
Perhaps Doug can step in, this was (is?) one of the key GO station redevelopments. As Doug is pretty free spending your money, perhaps he could sign a contract with some one to get this restarted, and promise to fund all the parking as an incentive.
Northern Light
Superstar
This site would be a good target for public-builder/partnership plan.
The City can come in with a low-ball offer, and get the site below market with favourable zoning in place.
Skip the usual belaboured CreateTO process and move right along either with the City building its own site here, or partnering with a developer with favourable track record as a partner like Tridel, or even a private rental partner
like Fitzrovia, or maybe Markee
The City can come in with a low-ball offer, and get the site below market with favourable zoning in place.
Skip the usual belaboured CreateTO process and move right along either with the City building its own site here, or partnering with a developer with favourable track record as a partner like Tridel, or even a private rental partner
like Fitzrovia, or maybe Markee
AlbertC
Superstar
All Presales Cancelled For Vandyk Buckingham Project As Receivership Sale Stalls
Planned to include just under 750 units, The Buckingham by Vandyk Properties was set for 23 Buckingham Street in Etobicoke and was placed under receivership in January 2024.
storeys.com
All Presales Cancelled For Vandyk Buckingham Project As Receivership Sale Stalls
All presale purchase agreements pertaining to The Buckingham by Vandyk Properties have been terminated, according to documents filed in the Ontario Superior Court, as the court-ordered sales process now extends into a second year.
The Buckingham was planned for the 2.11-acre site at 23 Buckingham Street in Etobicoke, located steps away from the Mimico GO Station, and was one of several projects by Vandyk Properties that was placed under receivership in late-2023 and early-2024.
No Acceptable Bids For The Project
After the receivership order came into effect, the court then approved the sales process on March 8 and 23 Buckingham Street was listed for sale by Matt Picken, Bryce Gibson, and Tyler Randa of JLL Canada.In the sales brochure for the property, JLL Canada notes that the site had already undergone preliminary excavation, but that the project could be reconfigured.
"Given the current supply-demand imbalance and the ability to immediately begin construction, an incoming purchaser may opt to construct purpose-built rental product to take advantage of a significant influx in demand," said JLL. "There is also flexibility to reconfigure the existing development plans to create a brand new design concept for a residential condominium development by customizing unit mix, layout and underground parking."
According to a report by the court-appointed Receiver published last month, the brokers marketed the property to over 2,000 prospective purchasers, 40 of whom signed confidentiality agreements. However, ultimately only six parties submitted a letter of intent by the bid deadline of May 7.
The Receiver says it consulted MCAP on the bids and they determined that "none of the bids were acceptable, taking into account, among other things, the value of comparable properties and the anticipated recoveries for applicable stakeholders that may result from such transactions."
Notably, none of the six bids included the assumption of the existing presale purchase agreements. According to the Receiver, 686 of 748 units had been pre-sold by the time the receivership order came into effect in January 2024.
Presale Purchase Agreements Terminated
In its sales brochure, JLL also noted that "The existing development is fully sold to date, and an incoming developer will have the option to maintain or collapse the existing sales contracts at its discretion." (Although not confirmed by STOREYS, the "fully sold" description seems to suggest that more units were sold after the project was placed under receivership.)No buyer has come forth and the property remains listed for sale, but the court has now allowed the Receiver to terminate all of the existing purchase agreements, in an effort to allow purchasers out of the agreements and to get their deposits back sooner.
According to the Receiver, the deposits collected total to approximately $71 million, all of which was spent by Vandyk, but is fully-insured by Tarion Warranty Corporation. The original purchase agreements (some of which were held under Vandyk-The Buckingham South – Grand Central Limited) had outside completion dates of 2028 and 2029 and the Receiver says, essentially, that the project has no chance of being completed by then.
Full Metal Junkie
Active Member
The infill of the excavated pit is slowly progressing. They don't bother grading the loads of dirt they are dumping anymore.
Full Metal Junkie
Active Member
Non-stop activity at the site today. The construction of underground levels is now complete, work is now progressing above grade.
klmx
New Member
The support of excavation was completed a few years ago and the excavation had gone down 7 or 8 metres. This activity shows them backfilling what had been previously excavated. Just a landfill for another condo job I would assume.
The movement and storage of soil is very controlled in Ontario. I wonder if they have all the right permits to essentially build a landfill site in a residential area.
The opposite of progress, unfortunately!!
Monarch Butterfly
Superstar
Or is it moving that mound of dirt from here to there?