Irishmonk
Senior Member
And so it begins: "Metropolis 2--The Interlude"
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And so it begins: "Metropolis 2--The Interlude"
Solaris
Senior Member
now this sounds like 'creditable' information .... thanks asiancolossus ... would be REALLY nice if any 1BE purchaser could provide / scan copy of this memo .... then we can be certain BAZIS is standing on shakey grounds ~
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taal
Senior Member
What exactly does:
"the agreement of purchase and sale states the Condition Date for satisfying the economic viability was December 15, 2008 and now it has been changed to March 15, 2009"
mean / imply?
"the agreement of purchase and sale states the Condition Date for satisfying the economic viability was December 15, 2008 and now it has been changed to March 15, 2009"
mean / imply?
Solaris
Senior Member
didn't LVT have problem satisfying this condition previously?? my understanding of the "economic viability" condition is a combination of
(a) sufficient % of units sold
(b) construction financing
well ... at least that was the case with Solaris
(a) sufficient % of units sold
(b) construction financing
well ... at least that was the case with Solaris
taal
Senior Member
You know I wonder if this could be similar to the situation at Shangrila ... in which they needed permits issued by the city before a certain date to secure financing (Or simply to retain it).
Maybe whomever is providing financing needs to be assured that this project will get all the permits it requires.
You'd think sales are not an issue for this project.
Maybe whomever is providing financing needs to be assured that this project will get all the permits it requires.
You'd think sales are not an issue for this project.
Uncle Teddy
Senior Member
Fingers crossed that doesn't happen. My favourite Harveys taken away for a parking lot
UrbanAffair
Senior Member
No, MikeinTO already went over this a few pages ago in the shangri-la thread remember?
Mike in TO
Senior Member
That isn't typically within the scope of an arrangement that developers or their financial backers engage in. Obviously capital won't flow if approvals aren't in place for construction to commence, but it's highly unlikely that a couple fairly simple outstanding permits are causing any financial institutions to become skittish. There are other factors at play.
H
Hydrogen
Guest
My favourite Harveys taken away for a parking lot
Being that it is a chain, can't all Harvey's be your favourite Harvey's?
I
isittimetomoveagain?
Guest
Well, I am a purchaser at Malibu... and I remember getting a letter exactly like this about two years ago. As I recall it means they want to extend the period in which they can cancel the building without any recourse. They usually take this extended period to increase sales before breaking ground. From my understanding this is usually just a technicality and just done to buy time before pumping more money into the project.
Maybe a financier has come back and said they need 70% or 80% sales before they get the next chunk of change? Thats pure speculation and I am not sure if it is even valid though...
Solaris
Senior Member
being formerly in the area ... it was devastating to loose both Harveys in the area on Bloor at the same time (due to 1 Bedford + 1BE)
Hipster Duck
Senior Member
Those condos were significant because they brought back the age-old tradition of blockbusting. Roy's square was like Toronto's Hutong.
Automation Gallery
Superstar
They have closed many across the city,I would say that soon Harveys will be a fastfood chain of the past.
SP!RE
°°°°°°
Believe it or not, there are many Harveys locations outside of downtown Toronto
I have seen others close, but I don't think it's disappearing by any means.
AKS
Senior Member
There's a lot of harvey's downtown. TLS, Eaton, Commerce court, Go station to name a few.
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