New detail on street level
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Northern Light said:
All is not well here. A business dispute within the partnership has landed in court.

www.thestar.com

Condo market collapse ignites legal battle between owners of a new lakefront development

Whether one side of a development partnership was adequately responding to the market downturn was a point of contention at a court hearing Wednesday.
www.thestar.com www.thestar.com

From the above:

View attachment 675494

For the rest, follow the link.
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Here's a quote from a CHCH (Hamilton news) article from February 2024, with the case in question. There are concerns with the fairness of business practices and financials. Part of the notice from the regulator stated that ADI Developments would be able to finish their projects currently under-construction (Nautique downtown, and Valera and Realm uptown), but no new projects (such as Stationwest phase 2 in Aldershot) may break ground.

Referring to Nautique: "The builder, Adi Developments, says construction costs went up $43 million since the building first started selling units back in 2015. The buyers who bought pre-construction were given the option to back out of the deal and get their deposits back or come up with more money.

Glenn Gillespie, who bought a unit pre-construction says he was told he would have to pay $300,000 more to keep his unit, “I found that kind of criminal.”

The Home Construction Regulatory Authority gave notice to Adi Developments to revoke their license. This is the first time a ruling has been issued to a builder by the regulator.

Adi Developments says they were not treated fairly by the regulator and has made an appeal. The builder told CHCH News today they were not given notice of the impending proposal and had no opportunity to respond before the decision to possibly revoke their license.

Gillespie chose not to pay the additional $300,000 to keep his unit. He got his deposit back with interest."
 
I would wager we'll hear many more stories like this one, for many buildings.

Expect a Spec writeup from Joan Little in 5, 4, 3, 2.... she's been very outspoken against this project from the get-go.
 
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