Toronto Emerald Park Condos | 128.92m | 40s | Bazis | Rosario Varacalli

Thanks .... its good to know that at least some members think my posts are not garbage'

indeed the west ring road is already there, the City's intent is that Beecroft will bend east to connect smoothly with Poyntz to eliminate existing 90-degree intersection @ Beecroft/Poyntz (which will require some land, not sure if they will block off access to Poyntz from Beecroft in the future), this is similar to what is being done on the east side of Yonge at the northern end of Doris connecting to Kenneth just before it hits Finch

http://www.toronto.ca/planning/official_plan/pdf_secondary/8_north_york_centre/ny_centre_8-10.pdf
 
Ummer said:
As long as it is built, I'll be happy... I tried calling Mark, but he is out of the office till August 18th... i guess the guessing game continues... however, Bazis must have something or knows that this will be eventually built is my guess.. or else it would be one of the biggest scam in TO... one of my friend who works for PCL (constructing 1 Bloor) assured me that Bazis was legit, so hence my gamble....
Click to expand...


I don't think your concern should be the legitimacy of Bazis.
Rather, zoning and density approvals for this project and adequate pre-construction sales given that it has not been approved by the city.
Even if they were to sell 70%+ units but still NOT have city approval, you still have a problem.
 
But how could one start selling anything without the pre approval? Even to put up a sign like they did, don't they need an approval?
 
unfortunately there are no legal hold-backs that prevent any builder from selling before 'particulars' are in place ... although typically reputatable builders would not start sales until the OPA/ZBA approval process was 'substantially completed' or near the end out of good practice to ensure they can protect their name behind each development (reputation is a big thing) ... for example Tridel didn't start advertising Hullmark Centre across the street until OMB granted it approvals, similarly Menkes didn't start marketing Gibson Square until the recent approvals were issued

However, 'good practice' described above is not necessarily used by everyone ...
 
Bazis did the exact same thing for 1 Bloor ... they started selling 1BE first in November 2007 (with the crazy agent pre-sale as seen on TV) and then followed with submission of OPA/ZBA submitted later within the same month ... to date I believe approvals are NOT IN PLACE yet for 1BE, which is why you will see demolition, but no excavation/construction on the site will begin until it is formally approved ...

what is different in that case is the 1BE site had always contemplated for a significant landmark tower of some sort with the previous approval already in place for a ~66 storey residential tower, the amendment applications in affect were to increase from 66 to 80 storeys at a prominent landmark location clearly supported by the City on previous approvals, whereas Bazis is seeking a mainly residential proposal (except office/retail on first 3 floors) at Emerald Park on a site where residential was prohibited and office tower was intended on the eastern 1/3 portion of the site and at heights proposed drastically in excess of previously approvals

seeing Bazis way of doing things I for one am not particularly impressed by their practice ...
 
I see... but does that mean there is a possibility that the city won't approve and that this project could be thrown out? If that could be the case and taking that as the worst case, what would happen to the owners who have already bought a unit?
 
City refusal is technically a possbility ... however as others have noted above I suspect too Emerald Park will be approved in one form or another, unlikely in the 49+40 storeys form, but it will be approved, the question is how long the process will be given the scope of the amendment requested ... even if Bazis' application is refused, they can appeal the decision to OMB (which translate to an evenmore extended approval time period)...

Should the proposal be refused even by the OMB, the builder will have to give your deposite $$ back, plus whatever minimum low low interest you accumulate ... I think that is outlined in your agreement of purchase and sale ~ something you can ask your real estate lawyer too ... but don't get too worried, like I said ... this will likely be approved, but WHEN is the question
 
How long does approval usually take? Has Bazis actually applied for final approval? Or are they still clearing the remaining hurdles, as with 1BE?
 
its too soon to say how long the approval will take as Bazis submitted OPA/ZBA application just a month ago requesting a major amendment ... Site Plan Application (if that is what you mean by final approval) has not yet been submitted ... at best OPA/ZBA can be approved and BLs in place in 2 year's time (assuminng the City is on side and have completely no concerns, no residents objections, no appeals to OMB)

Emerald Park is DEFNITELY no where remotelessly close to the approval progress achieved thus far by 1BE
 
Hey thanks~
Talking about lawyers... anyone know a good and cheap lawyer to look over my stuff?

Another question... The sales people said that there will only be 1 closing at the time of moving in. From my past experience of buying my previous condo, I had to move in then pay "rent" until everyone moved in then the final closing. Could they have changed this process? Buying the lower level unit, I don't want to pay "rent" for such a long time...
 
what?? I have never heard of any agent/builder who can GARENTEE 'one closing' in the future when the building is completed (unless they have a crystal ball or have control of City staff who processes Draft Plan of Condominium applications) ... that sounds super fishy ... unless they put in the agreement there will be ZERO OCCUPANCY FEE (which means Bazis is willing to accept the risk and absorb the occupany fee if needed) don't believe what they say, Bazis may be aiming to have no occupancy period (time that you have to pay 'rent'), but that can only be a target and not a garentee
 
Is the occupancy fee usually told up front? or would I find out later? as well, has there ever been buildings that had zero occupancy fee?
 
you would not know how long you have to pay occupancy fee for ... basically its paid starting on the day you get your keys, until the day the condominium is registered and you get title to the unit ... and how long that takes could vary

not sure if anyone from UT have heard of such thing as zero occupany fee for new condos, I personally haven't to date
 
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