215 Lake Shore East (Greenland) - Real Estate -

Whistleblower said:
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==)

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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
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any updates or reaponse from city planner？
 
Billlllllll said:
any updates or reaponse from city planner？
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More like a bot response, planner said CITY still working with Greenland for the latest comments and outstanding items. I have seen CITY keep switching planners, was Jacqueline, then George now is Chris and they don't talk to each other for what was agreed and what needs to be discussed.

Greenland's construction loan can be an issue, especially they want to get local loans but they don't own any major assets here. Banks are even more scared after Evergrande issue, despite local banks provide lower interest rates, they have to seek major Chinese bank for the loans, such as ICBC and BoC. However, those banks will take caution too as Greenland Group has been overall downgraded by S&P.
 
Whistleblower said:
More like a bot response, planner said CITY still working with Greenland for the latest comments and outstanding items. I have seen CITY keep switching planners, was Jacqueline, then George now is Chris and they don't talk to each other for what was agreed and what needs to be discussed.

Greenland's construction loan can be an issue, especially they want to get local loans but they don't own any major assets here. Banks are even more scared after Evergrande issue, despite local banks provide lower interest rates, they have to seek major Chinese bank for the loans, such as ICBC and BoC. However, those banks will take caution too as Greenland Group has been overall downgraded by S&P.
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Thank you for your info. Anything we can do? Email Chris for the status?
I emailed Greenland a couple times, they provide same answers every time that they have no updates and the project is in progress.
 
Billlllllll said:
Thank you for your info. Anything we can do? Email Chris for the status?
I emailed Greenland a couple times, they provide same answers every time that they have no updates and the project is in progress.
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You are welcome. Perhaps email the ward councilor, in this case - it would be Joe Cressy, but I doubt he can do anything. His office might be able to send following emails with Greenland or CITY but that is it.

The bot style reply you got from Greenland is probably a standard template and managed by their admin/receptionist, won't help at all. So I feel no need to try that way...
 
Whistleblower said:
More like a bot response, planner said CITY still working with Greenland for the latest comments and outstanding items. I have seen CITY keep switching planners, was Jacqueline, then George now is Chris and they don't talk to each other for what was agreed and what needs to be discussed.

Greenland's construction loan can be an issue, especially they want to get local loans but they don't own any major assets here. Banks are even more scared after Evergrande issue, despite local banks provide lower interest rates, they have to seek major Chinese bank for the loans, such as ICBC and BoC. However, those banks will take caution too as Greenland Group has been overall downgraded by S&P.
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What else do you expect a Planner to say? As long as the developer has not cancelled their application, of course they will say 'we are working on it". Whether the developer is actually responding to City requests for information/changes is quite another thing and you can bet that when planners agree to something it gets carefully noted - the staff in City Planning DO move around but people get promotions and change Districts or move on so ....
 
Billlllllll said:
Thank you for your info. Anything we can do? Email Chris for the status?
I emailed Greenland a couple times, they provide same answers every time that they have no updates and the project is in progress.
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Either you believe them or you don't - that's your call. Constantly asking for answers is not likely to provide any until they want to respond!
 
So guys - I am another unfortunate person who has his 20% locked with this builder. I read through most of the forum pages (just noticed this forum yesterday). In short, is there anyone who thinks this project might come back to life again? Thanks.
 
Toronto_Realty said:
So guys - I am another unfortunate person who has his 20% locked with this builder. I read through most of the forum pages (just noticed this forum yesterday). In short, is there anyone who thinks this project might come back to life again? Thanks.
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"Something' will certainly be built on that site, whether it will involve Greenland is quite another matter and the longer the site remains 'dead' the lower the chances are of you and other purchasers getting a home there (at least in the current proposal and at the price you paid.)
 
omekakim said:
That's right, I agree with that. Crude oil price is $100 per barrel. Lumber price going up, some countries running out of concrete as well. I have emailed them called them many times, all they ever said was "unavoidable delay " I hope they don't cancel this project, however if they do I want my money back ASAP to invest on other things.
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You are lucky that they answered your call.
 
TotoJay said:
Hello all, I've just found this today. I am one of those who purchased a unit for this project and I am concerned. I wonder if anyone has read this article. Sounds like Greenland has survived the hard-hit of its financial crisis. At least for now. If anyone can share your opinion, that will be great.
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The link is: https://www.reuters.com/world/china...chinas-distressed-property-sector-2022-03-15/

They may be partly bailed out by Chinese government bodies but that does not mean that their Toronto project(s) will be. I have no inside info but I bet that whatever is built there is NOT developed by Greenland and that the new developer will cancel all contracts (or offer to continue them if buyers pay more.) It is costing Greenland lots of $$ to have this large site not moving forward so I would think something will happen soon but ...
 
lakeside residence have Twitter account. I think we can start @ more audiences on Twitter. Such as city Toronto, city news, john Tory, Doug Ford. Give some external pressure to lakeside / Greenland, or city. Perhaps will help to more things.
 
Billlllllll said:
lakeside residence have Twitter account. I think we can start @ more audiences on Twitter. Such as city Toronto, city news, john Tory, Doug Ford. Give some external pressure to lakeside / Greenland, or city. Perhaps will help to more things.
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The problem with this project is the financial position of Greenland: that cannot be resolved by Tory, Ford or Trudeau. Ford has proposed that those who buy into condo projects that get cancelled (for many reasons) should get back more than they do now but that's not law now and is a far from perfect response anyway. Buyer beware is still the best policy!
 
DSC said:
The link is: https://www.reuters.com/world/china...chinas-distressed-property-sector-2022-03-15/

They may be partly bailed out by Chinese government bodies but that does not mean that their Toronto project(s) will be. I have no inside info but I bet that whatever is built there is NOT developed by Greenland and that the new developer will cancel all contracts (or offer to continue them if buyers pay more.) It is costing Greenland lots of $$ to have this large site not moving forward so I would think something will happen soon but ...
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Thank you, DSC, for sharing your insight. I was quite optimistic about the project after reading the article but your point helps me to see the reality.
 
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