Condodude
New Member
Are you able to share the screenshot of what the email said? I want to see Menkes statement
Toronto Elektra Condos | 133.5m | 42s | Menkes | Giannone Petricone
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innsertnamehere
Superstar
Yup. I smell a shift to rental here.
HousingNowTO
Senior Member
A massive 48-storey condo tower planned where a once iconic Toronto landmark stood for decades has been cancelled by a major developer.
Located in the heart of downtown Toronto at Dundas Street East and Jarvis Street, Menkes Developments’ 520-unit condo project, called Elektra Condos, was set to replace Filmores Gentlemen’s Club, according to the project’s website.
Menkes Developments confirmed to the Star that the project was cancelled due to insufficient funds.
This decision was not made lightly, but we believe it is in the best interests of all parties not to unrealistically prolong matters in the face of continuing market uncertainty,” Jared Menkes, president, highrise residential, said in a written statement on Tuesday night.
Deposits are being returned to buyers with interest, Menkes said.
Menkes said they are going to pivot to creating a purpose-built rental building.
“We expect to be in a position to commence construction in the near future as we continue to work through obtaining final approvals from the various levels of government helping us facilitate this housing project,” he said.
“As in our past projects, updates will be provided to the various stakeholders, as appropriate.”
The Star obtained an email that appears to be from Menkes to brokers, outlining the reasoning behind the cancellation, which said that sales were insufficient to meet the requirements for project financing.
Massive condo tower set to replace Filmores hotel cancelled by developer
Menkes Developments says the project was cancelled due to insufficient funds.
www.thestar.com