Search results

It appears they are shoring this site. Does anyone have any info on the actual sales for this project and where to learn more about it? Happy 2024!

Harry Stinson was run out of town. His principal investor lost a fortune and his reputation was tarnished. And his losses were a fraction of this one. The building had structural issues for years after it was completed. This one will be an order of magnitude worse all around, I predict...

Tell me you don’t work in the condo development world without telling me you don’t work in the condo development world.

Basic math. To say that the project has been delayed and faced challenges would be an understatement," says the filing. "The original construction budget has already been materially exceeded. The most recent budgets, based on the Borrower’s latest construction schedule and commitments and...

A less informed response I’ve yet to see. The people who’ve “decided to keep the building going” are poised to lose hundreds of millions and are frantically trying to mitigate their losses, in vain in my opinion. Go ahead and pretend that this project isn’t the biggest failure in Toronto...

I am interested in all of the above and find the minute by minute photostream highly superfluous.

Couldn't agree harder. It looks and smells like old school fraud to me as well, based on the facts presented. There is no way in hell that one half finished condo building could possibly have legitimately cost $1,600,000,000 to build. No way. This does not come close to passing the smell...

Absolutely. It's a 'B+" location at best. Apple was there for the foot traffic and presumably they were tricked into thinking the developer knew what he was doing. Clearly not the case.

Lots of people- at 25-50 cents on the dollar.

I’m referring to mitigating losses. Top it off as soon as possible. Stop throwing good money after bad. A bankruptcy would likely wipe the contracts and the buyers would get their deposits back. Presumably they’re sitting in an insured lawyer’s trust account safe and sound or secured by a...

If I'm the first mortgage lender I want to top off this nightmare asap, complete the interiors and minimize my losses. Maybe try and cancel the existing contracts and bring them to market assuming they're below it. Let all the debt behind me get wiped out and let the others chase the...

The receiver’s factum states that the project is projected to lose $600 million. Let that sink in. This is just one condo building on a relatively small piece of property! I’m sure that’s just the minimum. Not only will every investor in this project lose every penny they put in but it...

Sure, go on admiring the fine craftsmanship and marvel at the engineering of the Titantic after you’ve hit the iceberg and are taking on water. Hope you know how to swim for 2 days in the icy North Atlantic. When rookie developers pull what very likely appears to be massive financial scams...

The creditors are the biggest fools in the entire fiasco. Fools or complicit in a scam, take your pick.

Yonge and Bloor is not a luxury area. Upscale at best. Purchasers were flippers and brokers hoping to find a bigger fool. The entire project looks and smells like a massive fraud. Nice exoskeleton columns and windows though. 🙃

$600 million loss is projected. Anyone who doesn’t see this is potential fraud by design is blind.

Are you an ostrich? Otherwise why is your head in the sand?

Furthermore, that building, with its timeless limestone facade, is located in a far better location. Yonge and Bloor is not AAA in the least; ask anyone who lives in the area. Yonge and Yorkville, Bay and Bloor, Avenue and Bloor and anything in Yorkville is far superior. I would rate this...

It could die due to the overall condo/housing market correction, not what plainly appears to be blatant fraud and incompetence.

How long before receiver discovers tens of millions are missing?