Toronto The Pemberton | 215.79m | 68s | Pemberton | a—A

With the wooden hoarding replaced by a chain linked fence recently, I wouldn't be surprised if activity on site comes to a halt once excavation is completed. And paused until a new purchaser has been announced with a strategy on how to move forward with this project.
 
Today.
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AlbertC said:
1,805 Cresford purchasers in limbo as receivership process wears on

May 13, 2020



www.livabl.com

1,805 Cresford purchasers in limbo as receivership process wears on

As no firm decisions have been made yet on the fate of any of these projects, the roadmap for what could happen to them may vary.
www.livabl.com
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I heard yesterday the sale process is going to start in the next week or so. The market will get a look at this, and the other projects and determine what to do from there.
 
From today's Globe & Mail - ad below:

What I would assume this means is that the existing development is being cancelled, with existing purchasers getting their deposits returned - except for upgrades for which they may have made any payments. My understanding is that amounts paid for upgrades rank as general unsecured creditors in the restructuring - so presuming it is Cresford's development specific legal entity which is conducting the sale, and the site obtains a good price, any balance of funds left after payment to the secured creditors, could become available for proportionate distribution to the unsecured creditors, including potential refund of their upgrade costs.

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Here's another "Investment Summary" brochure by RBC & CBRE:


One interesting tidbit on page 4:

"A potential purchaser may propose to capitalize on existing sales contracts or re-envision and relaunch the project to take advantage of any upside in condominium pricing. Alternatively, a purchaser may propose to convert one or both towers to rental to leverage Toronto’s historically tight apartment leasing market fundamentals."
 
^ So basically, everything is up in the air. It really depends on what the new purchaser has in mind. It could go as planned , or be re-launched completely with a new design.
 
It wouldn't be radically different - their approval is based on a negotiated Map 2 which locks in heights and setbacks. The most you'll see is changes to the cladding etc., unless the new owner wants to reopen the entitlements (which i doubt they will).
 
ProjectEnd said:
It wouldn't be radically different - their approval is based on a negotiated Map 2 which locks in heights and setbacks. The most you'll see is changes to the cladding etc., unless the new owner wants to reopen the entitlements (which i doubt they will).
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I could see a complete restructuring of the unit mix; those small 1 beds might be a tricky sell for the next year. Or even turn one building into rentals.
 
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