Beyond The Sea | ?m | 44s | Empire | Richmond Architects

Solaris

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My wife and I just received a letter from Empire regarding Star Tower.

"...In accordance with your Agreement of Purchase and sale, we are writing to advise you that we are extending the economic viability date.......Please be advised that the vendor does herby extend this aforementioned Condition for a period of Six Months, to June 30, 2009…"

I can see them possibly extending another six months when June 30th comes around, the agreement calls for a maximum of two extensions up to six months each.

Any thoughts...

I believe the extension here is related to the slow rezoning process underway. Can anyone confirm that?

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I am not quite sure what the status of the rezoning application for Star Tower (Phase 3) ... but Pretzel, it may be in your own interest to find out for yourself from City Planning staff, call Shelly Tulloch (416.394.8208) quoting file # "08 166911 WET 06 OZ" and address of "2230 Lake Shore Boulevard West" for more info .... last I spoke with Shelly there were not 'problems' with the applicaiton, it was simply going through the process ~ :)


It is only my guess, but I don't suppose Empire would have problems satisfying the "economic viability" condition seeing that units have sold extremely well 90% + all 3 towers ... plus Empire seems to have a good portfolio of built hi-rises, hence financing shouldn't be an issue ~
 

Pretzel

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Thanks for the advice Solaris, I did call her before the Christmas holiday and left a message. I just hope she’s not getting annoyed from my calling as I am sure they’re busy at the planning department :D
 

cmystikal

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Extensions for economic viability are not uncommon for pre-construction condo's. That clause is standard in most pre-con agreements, even if it is not always exercised.
 

Pretzel

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You guys were right :) , I spoke to both Shelly at the City and the builder and they all said the same thing….They’re just going through all the approvals needed.

I think I panicked because of the wording of “Economic Viabilityâ€, especially with all the doom and gloom news out there.
 

DaninToronto

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Condoguide stated that this was under construction. Does anyone know for sure if that is true or did they jump the gun?
 

interchange42

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The first two towers are under construction: Star Tower is still wending its way through the approvals process.

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msodhi

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Prospects

Hi everyone,

First time posting on this thread and looking for some optimism from everyone in regards with the prospects of this project from an investment perspective in this era of economic uncertainty. As per a report released yesterday total condo sales are down by almost 36% as compared to that of last year's. My only solace (atleast for myself) is that this project seemed like a good bet for a lakefront investment and real estate history has shown us that any waterfront property is usually the last one and the least affected by any downward trends. Any thoughts!!??
 

maestro

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and real estate history has shown us that any waterfront property is usually the last one and the least affected by any downward trends. Any thoughts!!??

I can't agree with that. (leave the rest for the real estate forum)
 

interchange42

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Maestro is right msodhi: if you want to talk investment, try the real estate section of UrbanToronto. If you are looking for "optimism from everyone" you won't find that here, or anywhere online, as all points of view are represented.

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