Mode Lofts Condos (Cresford Developments) - Real Estate -

[SUMBODYHELP]

Anyone know the why this project is so delayed? I heard they sold out the first 6 floors but now the sales office is closed. Occupancy was set for 2008. I called the head office and left numerous messages but got no reply. Sales office is still standing there so I guess 2008 is out. From the comments on this board, Cresford doesn't seem to be a good builder. Anyone hear anything about this project?

 

[maestro]

I called the head office and left numerous messages but got no reply.

messages don't work ... you actually have to fight with reception to get connected to the answers

 

[SUMBODYHELP]

Got an answer

After sending e-mails and calling, I finally got a reply by email. Apparently there will be an update released next week, I wonder if this release would have come anyways if I didn't leave all these messages. I hope they aren't just telling me this to stall me for some reason. I'll update my findings. Hopefully they release the next set of floors for sale, should go quickly.

 

[SpadinaBus]

After sending e-mails and calling, I finally got a reply by email. Apparently there will be an update released next week, I wonder if this release would have come anyways if I didn't leave all these messages. I hope they aren't just telling me this to stall me for some reason. I'll update my findings. Hopefully they release the next set of floors for sale, should go quickly.

You have to wonder what is going on. Look at the Freed projects in the neighbourhood and you will see projects selling extremely well after only a couple of months. The location is good and that ambitious courtyard is coming along.

If you recall, Brad Lamb Realty dumped this project last year because he couldn't sell it. Perhaps the best thing that could happen, which is unfortunate to those like you waiting and waiting, is that the developer bails and sells the property to professionals who can market and build it right. Allied did that with the 476 King W property just to the south (across the Quad courtyard) and that new developer is moving along with site plan application and is supposedly going to sales later this year. I would bet money that 476 King W gets occupancy before Mode.

 

[Hydrogen]

Don't know if it has anything to do with it, but there was an issue at the city concerning set-backs on the higher floors of the building. I have no idea if it still an issue, or if it was resolved.

 

[SUMBODYHELP]

Don't know if it has anything to do with it, but there was an issue at the city concerning set-backs on the higher floors of the building. I have no idea if it still an issue, or if it was resolved.

Actually, that's what they told me was the delay at the beginning of the year. Also said something about it taking the city 40 business days to turnaround and approve new plans. It's been 8 months now, so I guess the city rejected them 4 times? I find that hard to believe it takes that long to get a new plan right.

Well, the update they promised to send me still hasn't arrive in my mailbox yet. I guess I'm not really surprised given how I've been treated so far. I really hope they don't dump this project, I can't see why they would if they sold out the lower floors. Time will tell, purchase agreement expires in 2010, I guess they have all the time in the world.

 

[gei]

according to a post over on skyscrapercity... this project has been cancelled

 

[Hydrogen]

A cancelled project in this neighbourhood? That's quite a surprise.

Anyone have any information?

 

[maestro]

Look at the Freed projects in the neighbourhood and you will see projects selling extremely well after only a couple of months.

Freed is heavy on the investors which doesn't really translate to selling


Too much money has already being invested for Cresford to outright cancel the project without a second attempt with some rebranding and tweaking

 

[Hydrogen]

Concerning Freed projects, I wouldn't say that they sold unusually fast. I think they did reasonably well because they have mostly been smaller, low-rise developments in a very good location.

 

[gei]

Well this is a post by a newly registered user over on SSC... so it could just be an unfounded rumour:

HI ALL

RE: MODE

I HAVE SOME INSIDE INFORMATION THAT MODE WILL BE CANCELLED. IT IS SIMPLY A MATTER OF NOT BEING ABLE TO SELL ENOUGH UNITS WHILE THE COSTS OF BUILDING THE UNITS HAS RISEN - IN OTHER WORDS, A COMPLETE MARKETING DISASTER. I BOUGHT INTO THE PLACE OVER A YEAR AGO AND WOULD LIKE TO GET IN TOUCH WITH OTHERS THAT HAVE BOUGHT - THEY SHOULD NOT AND WILL NOT GET AWAY WITH THIS.

THX

Actually when I was at the sales centre for mode I noticed that it was significantly cheaper than 255 adelaide just a couple of units over, and the finishes seemed identical.

 

[RJR123]

Regarding the SSC post, I'd love to know what plan the poster is thinking of hatching to make the developer atone for their sins. Purchase and sale agreements are air-tight in favour of the developer.

 

[Hydrogen]

And I doubt Cresford would walk away from this site (if Mode is actually cancelled). No doubt they would repackage the product as they did with what was once Boot 2, and try to keep as many previous purchasers interested as possible.

 

[RJR123]

Exactly. What did Boot 2 become again? Was it 76 Shuter?

 

[Hydrogen]

^Yes it is. And it is complete.