215 Lake Shore East (Greenland) - Real Estate -

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As one of the buyers of this project, I believe most of you are as anxious as me regarding the outcome of the project. I would like to share the email that I just received regarding my concerns about this project
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Lakeside Customer Service <lakesidecs@greenlandcanada.ca>
To: xxxxxx

Mon, Mar 7 at 4:53 PM


Good afternoon,

This project is still in progress. Our construction team is coordinating for works for next stage. Please refer to information from official source and please don’t refer to rumors.
Regards,
Lakeside Customer Care Team

Mediator, please do not delete my post because I really hope this email can give all the buyers a dim light at this despair time.
In the mean time, I thank you all your comments and pictures posted here, as I followed this thread carefully, your contributions to this thread mean a lot to me.
Well, they certainly give buyers LOTS of hope here (and lots of firm information). Ha! Of course, it WILL re-start again in one form or another but will Greeenland be involved (or still exist in Canada)?
 

Bjays92

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Well, they certainly give buyers LOTS of hope here (and lots of firm information). Ha! Of course, it WILL re-start again in one form or another but will Greeenland be involved (or still exist in Canada)?
This is really the question. I have no doubt this will get built, I highly doubt Greenland will have any involvement in the project when its finished.
 

TheSix

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Aa one of the buyers of this project, I believe most of you are as anxious as me regarding the outcome of the project. I would like to share the email that I just received regarding my concerns about this project
photo

Lakeside Customer Service <lakesidecs@greenlandcanada.ca>
To: xxxxxx

Mon, Mar 7 at 4:53 PM


Good afternoon,

This project is still in progress. Our construction team is coordinating for works for next stage. Please refer to information from official source and please don’t refer to rumors.
Regards,
Lakeside Customer Care Team

Mediator, please do not delete my post because I really hope this email can give all the buyers a dim light at this despair time.
In the mean time, I thank you all your comments and pictures posted here, as I followed this thread carefully, your contributions to this thread mean a lot to me.
Don't be fooled. This is false hope.

IMO, this is clearly a PR play to help protect their reputation as they figure out the sale of the property. They are in very big financial trouble, and this isn't a rumour. Their email offers up no concrete information and is honestly insulting to buyers.

I feel so bad for anyone who purchased here.
 

tripwire

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"Please refer to information from official source..." So where's the official source and what's the information?! And updated information at that, not information from months ago.
 

May2013

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I'm a purchaser. Wondering if anyone (who bought a unit before Apr.29, 2018) received a letter from Greenland re."Notice Period for an Occupancy Delay". According to my contact, Greenland must give "Notice of a delay beyond the First Tentative Occupamcy date must be given no later than Apr.26, 2022.
Did you receive an unavoidable delay notice? The last one I received is on Mar 31, 2021.
 

UtakataNoAnnex

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They should be declared this project DOA and start the process of selling this all off to cover the debts. And hopefully not to a developer that has a track record of value engineering...

...I know, can't have that cake and eat it too. But at the same time, I don't want to see another spandrel mess left in the wake of this. >.<
 

addictivemate

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They should be declared this project DOA and start the process of selling this all off to cover the debts. And hopefully not to a developer that has a track record of value engineering...

...I know, can't have that cake and eat it too. But at the same time, I don't want to see another spandrel mess left in the wake of this. >.<
If they sell this project, what happens to the existing buyers and deposits paid?
 

evandyk

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If Greenland feels some loyalty to them, they could take care of them as part of the commercial deal. What do you think are the chances that Greenland has some loyalty to Toronto condo buyers?
 

UtakataNoAnnex

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If they sell this project, what happens to the existing buyers and deposits paid?
To my understanding, they might be honoured by the new developer. I believe this is what happened with Concord Sky (formally YSL).

...then again, if the developer chooses not to go with the existing design, the buyers might get reimbursed? I'm not sure...it's all depending what the fine print says about all of this. And what the new developer chooses to do with that. And what the consumer protection is like for this jurisdiction. I wish them the best of luck though, for what that is worth.
 

AlbertC

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Deposit Protection for Condominium Units

Condominium unit deposits must be placed in trust under the provisions of the Condominium Act. If your purchase agreement is terminated by the builder, your deposit must be returned to you in full within 10 days. If your deposit is not returned, Tarion provides deposit protection of up to $20,000.

Important Tip: Before treating your purchase agreement as terminated, and to ensure that your deposit claim will be covered by Tarion, you should consult a lawyer.
 

Whistleblower

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Greenland won't cancel it, the profit is massive. They got communist government as backup on funding.
I feel the construction being slow because CITY planner is greedy, they want as much as possible from developers without paying a dollar.

SPA for Lakeside Phase 1 should stand alone itself, my understanding is the approval should be in place by now if CITY is not bringing any new comments, the Development Application Center keeps updating every few months which means Greenland is responding to CITY on something.

The only thing I can think would be the New Road between Greenland, Rom Grand and Empire, looks like Greenland is obligated to build it as it shows up on their drawings since day 1. Drawing obtained from Development Application Center (http://app.toronto.ca/AIC/index.do?folderRsn=UvI8vezTxQTwrLf41AK4tQ==)

A.jpeg


Then this is very interesting, why would CITY hold up on their project approval while the road can be set out as a separate matter?
Apparently CITY wants Greenland to agree on SPA terms to include road conditions as well, which cost CITY nothing and Greenland is on hook to agree - otherwise it will further delay themselves and further delay our occupancies.

I am emailing CITY to chase their asses. Do the same if you want to speed up!

Chris Hilbrecht
Planner
416-392-0172
Chris.Hilbrecht@toronto.ca
 

Northern Light

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They got communist government as backup on funding.

China has been curtailing the spending and debt levels of many state-owned enterprises as of late. They could certainly choose to infuse cash into Greenland, but the latter has exited a couple of significant projects in the last few months which suggests to me they have been instructed to shore up their balance sheet.

But needless to say that is speculative on my part and not necessarily instructive as to how this site will be handled.

I feel the construction being slow because CITY planner is greedy, they want as much as possible from developers without paying a dollar.

The City asks for fairly similar things from every developer in similar circumstances. They can only ask what the law allows them to. That is certainly not relevant to what is happening here.

SPA for Lakeside Phase 1 should stand alone itself, my understanding is the approval should be in place by now if CITY is not bringing any new comments, the Development Application Center keeps updating every few months which means Greenland is responding to CITY on something.

The only thing I can think would be the New Road between Greenland, Rom Grand and Empire, looks like Greenland is obligated to build it as it shows up on their drawings since day 1. Drawing obtained from Development Application Center (http://app.toronto.ca/AIC/index.do?folderRsn=UvI8vezTxQTwrLf41AK4tQ==)

If you want to know what's being discussed you can look at the Cover Letter from January which is instructive on the point.

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Greenland won't cancel it, the profit is massive. They got communist government as backup on funding.
I feel the construction being slow because CITY planner is greedy, they want as much as possible from developers without paying a dollar.

SPA for Lakeside Phase 1 should stand alone itself, my understanding is the approval should be in place by now if CITY is not bringing any new comments, the Development Application Center keeps updating every few months which means Greenland is responding to CITY on something.

The only thing I can think would be the New Road between Greenland, Rom Grand and Empire, looks like Greenland is obligated to build it as it shows up on their drawings since day 1. Drawing obtained from Development Application Center (http://app.toronto.ca/AIC/index.do?folderRsn=UvI8vezTxQTwrLf41AK4tQ==)

View attachment 387362

Then this is very interesting, why would CITY hold up on their project approval while the road can be set out as a separate matter?
Apparently CITY wants Greenland to agree on SPA terms to include road conditions as well, which cost CITY nothing and Greenland is on hook to agree - otherwise it will further delay themselves and further delay our occupancies.

I am emailing CITY to chase their asses. Do the same if you want to speed up!

Chris Hilbrecht
Planner
416-392-0172
Chris.Hilbrecht@toronto.ca
Not sure why you think the road would be a problem since it is in the precinct plan and even if the developer and the City are not yet in total agreement on details it does not explain why there is ZERO excavation going on (and has not been since well before Christmas.)

I think that if asses are in need of being chased it is Greenland ones not City ones!
 

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