Toronto The Tree House | ?m | 4s | Symmetry | 5468796 Architecture

Herman_muntz said:
I have purchased a unit in this development back in 2015. I received a letter in the mail couple of days ago that informed me that the developer will not be moving forward with this project due to its inability to obtain approvals from the city. They stated that they will be returning our deposit in full, but overall I am pretty disappointed as I really do believe in the overall concept of this development and the unique architecture of the space.
Click to expand...

i just got my letter too. lol that sucks for both of us :(
 
That's really unfortunate. I was looking forward for a truly progressive modern design anywhere in the GTA, it would have been a great addition to this part of town. We really need to set precedents for good design, too bad this got cancelled for ever reason. I'm curious to find out why...
 
Anyone found out what actually happened? The project already cost the developer so much. The sales reached 80% a long time ago. I don't understand how it's just dropped like that.
 
Architecturally it was great; I was a big fan and was looking forward to it as well. But based on what we saw with Origami, on Bathurst Street, if I were a buyer I wouldn't touch this developer's work with a ten foot pole.
 
Update:
July, 2017
Symmetry Developments and Engine Developments have exercised an option in their sale agreements to cancel all existing purchase agreements because the project did not receive the approvals needed to move forward within the stated time frame. The longer than expected approvals process added additional costs that rendered the current plan unfeasible. Given the significant rise in the value of residential developments lands, the proven demand for modern product in this location, and the upcoming changes to the Ontario Municipal Board that will improve the value of zoned land (versus unzoned land), the development team put the site up for sale. Official Plan and Zoning By-law Amendments were approved by Council on March 9, 2017. The proposed Site Plan application is in the final stages of the approvals process, with a recommendation report to Council anticipated in September of 2017. An offer to purchase the property is currently in play, with the prospective buyer having recently extended their due diligence period.
Click to expand...
 
So… we're back on with something that resembles… or essentially is the original plan, just priced higher? Interested in what's coming next…

42
 
Any project that has Fortress attached to it is probably going to be put on hold indefinitely. Investors shouldn't be so naive however, their brokers still did cheat people by promising guaranteed returns with their syndicated mortgages. I'm curious what will happen to Lamb.
 
You must log in or register to post here.

Back
Top