Nautique Lakefront Residences | 88.39m | 26s | Adi | Icon
- Thread starter someMidTowner
- Start date
UtakataNoAnnex
Senior Member
Too bad it doesn't make the buildings they put on top of it redder. >.<
Branden Simon
Active Member
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-…
WislaHD
Senior Member
https://www.chch.com/buyers-are-bei...purchased-years-ago-but-have-yet-to-be-built/
They didn't name the project, but it must be Nautique
They didn't name the project, but it must be Nautique
innsertnamehere
Superstar
It's not a surprise since they sold in 2015.. I was surprised this got construction started at all.
AlvinofDiaspar
Moderator
The article in the Star did:
:format(webp)/https://www.thestar.com/content/dam/thestar/news/gta/2022/03/24/pay-more-or-your-purchase-is-cancelled-developer-warns-condo-buyers/condo_buyer.jpg)
Pay more or your purchase is cancelled, developer warns condo-buyers
Buyers of condos in a Burlington lakefront development say Adi Developments wants more money or it will void their purchase agreements.
AoD
innsertnamehere
Superstar
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
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.
Branden Simon
Active Member
First floor is up at ADI Nautique Condos with more concrete is set to pour
JT20
New Member
innsertnamehere
Superstar
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
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
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.”
Undead
Senior Member
I remember applying for a job at that company. Good thing I didn't get in. What a POS.
UtakataNoAnnex
Senior Member
I bet ADI had that *rump moment where they told themselves, "Nobody will notice!" But they sure did! And how!