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Dwell City Towns (427 & Rathburn, Menkes, ?s, ?) (was Sell-Off Condos)

Dan

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I am confident that purchasers will soon be getting a letter stating the project is cancelled.
 

Schnoober

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The reply that I received from the builder/developer (Fram Group) is that the project is currently on hold. Not sure why it is on hold since sales for Phase 1 and 2 is around 80%.
 

kchin2527

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Project on Hold

I spoke to Steve Lorimer. Fram does not own the project; they are the builder. Avari Hotels (Pakistan/Dubai?) actually owns Holiday Towers/Selloffcondos.com and it appears that while sales were indeed satisfactory, Avari is having trouble securing financing in their home country so that they can continue with the project.

Given that they primarily deal in hotels, which is a volatile business on it's own, perhaps lenders are viewing Avari's foray into condos -in a foreign land- an increased credit risk. Just my opinion.

It will be a shame if this project is cancelled while Tridel, Valhalla, etc. get to proceed. Such a cancellation of course won't be good for us purchasers/investors, but also sends a negative message about the submarket itself, that is trying hard to rejuvenate.
 

Towered

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Good - now let Great Gulf buy it and propose multiple, significantly taller, aA designed towers to finally bring some sophistication to Etobicoke.
 

sci223

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But if these problems exist now, then what is to come when construction actually starts??? (If we ever get to that point)
 

urbandreamer

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^They're dead. As in canned. As in never gonna get built as is. Unless another developer buys them out.

They were hideous anyway. When the masses of folks come into the city from the airport and beyond, what do they see? Crap?

aA would design some real beauties, or something like those Absolute Ma towers would look fantastic along this stretch--the Toronto Design Showcase strip it should become.
 

adma

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To contact the owner of the project (Avari Hotels Ltd), email the people below. Their names are: Byram, Xerxes, and Dinshaw. I believe they are the executives of Avari.

Love those names.

3-Stooges%20Dewey%20Cheatum%20A5257H.jpg
 

Schnoober

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Yes, I did hear back from the Avari Group but they weren't helpful at all and pretty much just insulted me. Did anybody else try emailing Avari and if yes what were their response?

Another route we can take is to contact the lawyer of Holiday Towers/Sell Off Condos. He should know something. I already emailed him but haven't received a response yet. His contact info is below:

Philip Gordin
905-856-1164
pgordin@bgflawyers.com
 

condoinvestor

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Yes, I did hear back from the Avari Group but they weren't helpful at all and pretty much just insulted me. Did anybody else try emailing Avari and if yes what were their response?

Another route we can take is to contact the lawyer of Holiday Towers/Sell Off Condos. He should know something. I already emailed him but haven't received a response yet. His contact info is below:

Philip Gordin
905-856-1164
pgordin@bgflawyers.com

I am beginning to think this was all just a big scam. They took deposits and probably invested somewhere else to make big profits for last 2 years. I know builder's usually have their A$$es covered in the purchase agreements but is there a way we can start a petition or lawsuit to at least get decent interest back on our deposits.
 

condoinvestor

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I just sent a bitchy email to FRAM group, Avari and the lawyer. Let's see what they have to say.
 

sci223

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Keep us updated on any response from either party.

Last week I had emailed both FRAM and the lawyer and got a response from both. Basically saying that the project is on hold until the 'owners' make a decision on its future. Both FRAM and the lawyer said deposits were secure.

I expect more feedback though. And at this point am looking for my money back.

I assume there are many of us who are in the same boat. We can also send emails to TARION. But I think they only investigate further once construction has started?
 

Dan

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Not only are the deposits held in trust, but Tarion will further insure them. Condominium purchasers are protected for the loss of a deposit up to $20,000. I doubt that Tarion could answer any questions, because I don't think the builder is in breach of there agreement. Unless a builder is in breach there is little that Tarion could address for you.
 

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