Toronto Danny Danforth Condos | 34.1m | 10s | GALA | Onespace

[PMT]

Today:

 

[DaveMac23]

This project appears to have been halted in late December. The crane was taken down. Does anyone have insight on this?

 

[YDS]

Apparently this has been cancelled.

Another GTA condo development bites the dust: Diam cancels Danforth building

The 10-storey On The Danforth project from Diam Developments, a Mississauga-based developer, was canceled this week, the latest in a string of developers blaming costs and financing for a collapsing project

www.theglobeandmail.com

 

[Jonny5]

The Star story on this today is so precious. One self described "investor" is mad because he didn't get rich quick flipping this. He admits he borrowed money for his deposit, then demands the developer compensate him for all costs and interest expenses on his "investment," as if buying real-estate is an absolute guaranteed positive return and you can never lose any money, while simultaneously acknowledging the contract he wilfully signed said zero such thing. He caps off his self-humiliation saying ":they made millions!" off the deposit money which, LOL, no they didn't.

 

[Namebutler]

Can't read the article online but these smaller investor types should really learn. Thats why Riverside Square sold out so quickly, investors trusted Streetcar to build it. I feel for the young families who bought at this building.

 

[TheKingEast]

The Star story on this today is so precious. One self described "investor" is mad because he didn't get rich quick flipping this. He admits he borrowed money for his deposit, then demands the developer compensate him for all costs and interest expenses on his "investment," as if buying real-estate is an absolute guaranteed positive return and you can never lose any money, while simultaneously acknowledging the contract he wilfully signed said zero such thing. He caps off his self-humiliation saying ":they made millions!" off the deposit money which, LOL, no they didn't.

He should have known as an investor, don't buy from small developers. You buy from the bigger, more established ones.

 

[Lenser]

Buyer beware for sure, especially with the small firms. You want ones with deep pockets and plenty of experience. Otherwise it's a real crap shoot.

 

[interchange42]

He should have known as an investor, don't buy from small developers. You buy from the bigger, more established ones.

Like the Liberty Group?

42

 

[someMidTowner]

Like the Liberty Group?

42

Or like UrbanCorp?

 

[ProjectEnd]

Or like UrbanCorp?

Or Gupta?

 

[interchange42]

Or Gupta?

We were going with more established.

42

 

[ProjectEnd]

Zinger!

 

[AlbertC]

Sitting empty.

 

[whatever]

I just saw it quick as I was driving by, but I could have swore I saw them putting a crane back up at this site. No new permits listed by the city. Anyone know what's happening? Is it still DIAM? Has the site changed hands?

 

[AlbertC]

I just saw it quick as I was driving by, but I could have swore I saw them putting a crane back up at this site. No new permits listed by the city. Anyone know what's happening? Is it still DIAM? Has the site changed hands?

Unlikely that it's still DIAM. Otherwise, if it's truly starting up again then apart from permits, it's strange that they'd be in position to assemble the crane already. The previous project was cancelled along with the purchase agreements. Unless the potential new owner is going with rentals or just building on spec.

Did you actually see the crane being placed into the construction pit? Any chance it was disassembly of the crane for the Canvas Condos project just to the west of it?