Toronto M2M Condos | 129.9m | 40s | Aoyuan | Wallman Architects

Anyone who has purchased M2M Phase 2, please get in touch with me.

We can share the latest news about the development (or the lack of it) and can pull resources together to get legal assistance.
 
hihihihihi said:
Anyone who has purchased M2M Phase 2, please get in touch with me.

We can share the latest news about the development (or the lack of it) and can pull resources together to get legal assistance.
Click to expand...
What communication has there been from the developer? Has phase 2 been cancelled?
 
I had purchased a unit in Phase 2. I received a docusign today from M2M with title "mutual release and termination agreement".
Seems like they are paying back the deposit + interest. However, they are subtracting $1695 for administrative fees. Are they allowed to do that?
Also on the third paragraph it says "And whereas for various reasons the Purchasers have requested to terminal the Purchase Agreement and the Vendor has agreed to such request...." I never made such a request! Anyone knows what's going on?
 
I am curious now that builder had bankrupt and abandoned the proejct, what is happening to the Park, Library and other communal space that was promised when project was sold.
Is anyone responsible for these?
 
dsyoo21 said:
I am curious now that builder had bankrupt and abandoned the proejct, what is happening to the Park, Library and other communal space that was promised when project was sold.
Is anyone responsible for these?
Click to expand...
It doesn't look like the builder bankrupt the project, but it does look like they sold the land and phase 2/3 was subsequently cancelled (judging by an earlier post). As I understand it, everything such as parks, community centres, libraries, parks, etc. are tied to the site plan approvals with the City. So if the new developer goes back to the city with a new site plan (or even ZBA) then they could renegotiate basically everything. The City is under no obligation to approve anything without those previous commitments (like the community centre and the park), but the new owner can definitely try to get those removed. I wouldn't count on seeing that park or community centre materialize for at least another decade though.
 
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