Nautique Lakefront Residences | 88.39m | 26s | Adi | Icon

interchange42

Administrator
Staff member
Member Bio
Joined
Apr 23, 2007
Messages
26,403
Reaction score
32,261
Location
by the Humber
dsc00922-jpg.340484

Source @jta5

That's quite iron-rich strata that we don't see here in TO!

42
 
Last edited:

UtakataNoAnnex

Senior Member
Member Bio
Joined
Mar 5, 2020
Messages
4,579
Reaction score
6,518
Too bad it doesn't make the buildings they put on top of it redder. >.<
 

Branden Simon

Active Member
Member Bio
Joined
Apr 30, 2018
Messages
152
Reaction score
398
32F293AF-E909-475A-8D90-59F38F818C00.jpeg
Nautique Construction Update - January 2022

We’ve got great news for you from Nautique: construction is making serious progress! The construction team has hit an amazing stride through December with their concrete and forming work.

-Forming & concrete work continues
-Concrete slab at Parking Level 2 is complete
-Parking Levels 3-7 are already finished

With the current momentum of progress, we will see concrete and forming work for the parking levels to be complete in the coming weeks.

These milestones strengthen the project’s roots as the team buds into Spring and begins building above grade.

In short order you’ll begin seeing Nautique sprouting up amid the waterfront skyline!

To learn more, read our new blog post: adidevelopments.com/blog/nautique-…
 

AlvinofDiaspar

Moderator
Member Bio
Joined
Apr 22, 2007
Messages
32,156
Reaction score
26,137
Location
Toronto

innsertnamehere

Superstar
Member Bio
Joined
Mar 8, 2010
Messages
17,705
Reaction score
17,845
I really think that developers should have to have zoning in place before launching sales (and you see this, with many brokers now advertising projects as "zoning secured!"). This is a prime case where a developer sold and didn't get their zoning for another 4(!!) years, with another gap of site plan approval being tied up by the ICBL, meaning construction didn't start until 5 years after sales... it's no surprise they need more money.
 

ProjectEnd

Superstar
Member Bio
Joined
May 28, 2007
Messages
12,910
Reaction score
29,561
I'm fine with them selling because they're the ones rolling the dice. If it comes up positive for them, great. If it doesn't, that's on them and they need to build for the original sale price. It's a perfect case of capitalizing on the profits and socializing the losses. Having worked in both commercial and residential real estate, it's wild to see the differences. If a unit is late, a purchaser is sent a letter saying 'tough luck'. If a leased floor is late, the developer can pay the lessee millions in penalties.
 

innsertnamehere

Superstar
Member Bio
Joined
Mar 8, 2010
Messages
17,705
Reaction score
17,845
lol what in the world is that from? Some lawsuit of ADI? Don't post something like that and give no further explanation or source..
 

JT20

New Member
Member Bio
Joined
Jan 19, 2019
Messages
30
Reaction score
40
I got that forwarded from my friend. It's apparently from hcra, revoking the renewal license for sale of any future condo units, old projects or new projects. Stemming from recent cancellation of their projects and allegedly not giving everyone back their money.
 

jta5

New Member
Member Bio
Joined
Aug 20, 2020
Messages
78
Reaction score
384
lol what in the world is that from? Some lawsuit of ADI? Don't post something like that and give no further explanation or source..

Regulator bans ADI Developments of Burlington from building or selling homes​


In what is the first major sanction since it was founded in 2021 the Home Construction Regulatory Authority (HCRA) has shut down ADI Developments and forced the cancellation of a number of planned projects by the Burlington firm.

In an executive summary the agency says, ADI tried to squeeze purchasers for more money after they had paid deposits and entered into sales agreements for condos. The statement reads in part, “ADI…has cancelled hundreds of purchase and sales agreements for condominium units in order to increase its profits. It expects purchasers under existing agreement to pay hundreds of thousands of dollars more for their units. For those who are unwilling to do so, ADI…will only return deposits once a new purchaser comes along who is prepared to pay the increased price. Not only is this unethical and a violation of both the NHCLA and the Ontario New Home Warranties Plan Act, but it raises concerns about ADI’s financial responsibility and competency.”
 

UtakataNoAnnex

Senior Member
Member Bio
Joined
Mar 5, 2020
Messages
4,579
Reaction score
6,518
I bet ADI had that *rump moment where they told themselves, "Nobody will notice!" But they sure did! And how!
 

Top