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 ~Apparently 1 Bloor sent out a memo saying that 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.
Certainly sounds like there is trouble brewing in paradise. I don't know legal issues like this but wouldn't they have satisfied viability if they had sold enough units and had the funding in place already?
No, MikeinTO already went over this a few pages ago in the shangri-la thread remember?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.
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.Maybe whomever is providing financing needs to be assured that this project will get all the permits it requires.
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.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?
Believe it or not, there are many Harveys locations outside of downtown TorontoThey have closed many across the city,I would say that soon Harveys will be a fastfood chain of the past.