Vaughan 7Central | 175.4m | 55s | Graywood | Arcadis

syn said:
It seems like Vaughan's City Centre will not grow as quickly as expected.

Even with a finished subway connection, if developers can't get projects done then it doesn't really matter.
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By my count there are still over 3,000 units under construction in VMC today:

Transit City 1-3: 1727 units
The Met: 572 units
Expo City 3+4: 861 units

Sure the loss of these two developments has been a setback, but the zoning is still in place for both, and I suspect they will be back in due time. There is still enough units under construction for the VMC to have a population of about 7,500 in a few years.

Then you have Cortel readying its 5th tower for sales this fall, and Centrecourt/SmartCentres apparently preparing its next phase of development for sales too.. Stuff will continue to move.
 
raptor said:
There are currently three 55-storey towers + three 35-storey towers under construction in VMC. CG Tower (60 floors) is next in the pipeline, from a reputable developer. A few more proposals in the pipeline. All in all, it's still pretty substantial.
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For sure. But they're still significant cancellations - I also wonder if there's more to come.
 
syn said:
For sure. But they're still significant cancellations - I also wonder if there's more to come.
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There isn't anything left to cancel right now. All other projects that have launched sales in the area are well under construction.
 
Sorry, I was unclear - there are projects in the pipeline, I just wonder if any will be scaled back or the developer will decide not to go ahead.
 
I think as we saw with MCC, once you start making an area known for development, people start to flock to it more.

So the issue is more like 10-20 years from now how will VCC look like.
 
pianiel said:
I doubt that's the case. Based on the fact that they didn't even pay all the realtor work on this project like other developers (even cosmos did), they might knew it's gonna ended up cancelling anyway.
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Realtors don’t get their commission until the purchase is complete and has closed, so not only the purchasers got screwed, so did the realtors
 
So basically Quadreal used to own the hotel, and sold it to Gupta in 2005. There is a restrictive covenant on the site that limits uses to a hotel only and ensures that they have to approve over any other form of use. They didn't didn't want Icona built because it will compete with their development plans next door, so denied it. Gupta tried to get the covenant thrown out in court, and it didn't work.
 
I gues they figured better to go through and try to get the covenant lifted rather than ask that the covenant be lifted.

Better to do and ask for forgiveness than ask for permission and not do at all
 
Woodbridge_Heights said:
I gues they figured better to go through and try to get the covenant lifted rather than ask that the covenant be lifted.

Better to do and ask for forgiveness than ask for permission and not do at all
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ok, then the question is whether there were any disclaimers or conditions on the agreements of purchase and sale of the Icona condos.
Surely, Gupta's lawyers came up with some vague conditions such as "provided all necessary approvals are in place", which one may interpret as "provided the restrictive covenant is lifted"
 
Lordy, how do things get so far down the tracks without that issue getting resolved? Restrictive covenants can be showstoppers but this project was already approved and ready to go...and they may not have had the legal right to build in the first place?

Also, given all the vacant land along the south side of Highway 7, not to mention a white elephant AMC theatre, why is the first project to move forward where there is an active hotel?

The fact that SmartCentres owns such a singular chunk at least ensures that there shouldn't be any of these weird shenanigans on their side of the street.
 
TJ O'Pootertoot said:
Lordy, how do things get so far down the tracks without that issue getting resolved? Restrictive covenants can be showstoppers but this project was already approved and ready to go...and they may not have had the legal right to build in the first place?

Also, given all the vacant land along the south side of Highway 7, not to mention a white elephant AMC theatre, why is the first project to move forward where there is an active hotel?

The fact that SmartCentres owns such a singular chunk at least ensures that there shouldn't be any of these weird shenanigans on their side of the street.
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Because Gupta owns the land, and, presumably, doesn't own the AMC lands
 
TJ O'Pootertoot said:
Lordy, how do things get so far down the tracks without that issue getting resolved? Restrictive covenants can be showstoppers but this project was already approved and ready to go...and they may not have had the legal right to build in the first place?

Also, given all the vacant land along the south side of Highway 7, not to mention a white elephant AMC theatre, why is the first project to move forward where there is an active hotel?

The fact that SmartCentres owns such a singular chunk at least ensures that there shouldn't be any of these weird shenanigans on their side of the street.
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The idea here is that all that vacant land is the stuff owned by Quadreal (or "274 Canada Inc.), and they are planning development, having recently filed planning applications for 4 new towers on the vacant lot on the other side of Interchange Way from this site. But Gupta owned the hotel, and tried to go first.
 
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