Platform Condos (was The Greenwood) | 31m | 9s | Sierra | Kirkor Architects

PoolGuy

New Member
Member Bio
Joined
Mar 3, 2016
Messages
38
Reaction score
8
Seems to be quite a few issues with the builder. Hopefully the problems don't impact this building:

Second mortgage brokerage firm tied to real estate developer Fortress Real Developments shuts down

A second mortgage brokerage firm that raised money to finance projects for Fortress Real Developments Inc. has closed its doors, marking another setback for the troubled real estate developer.

FDS Broker Services Inc. filed for bankruptcy effective Sept. 17, according to licensing information filed with the Financial Services Commission of Ontario, the province’s mortgage industry regulator.

FDS, initially known as Fortress Distribution Services Inc., was owned by its chief executive Zafar Khawaja, a licensed mortgage broker. Mr. Khawaja could not be reached for comment on Monday and FDS’s main phone number went straight to voicemail.
https://canadanewsmedia.ca/2018/10/...eloper-fortress-real-developments-shuts-down/
 

YDS

New Member
Member Bio
Joined
Aug 12, 2015
Messages
78
Reaction score
118
Yikes. I too hope this doesn't stall. The site had no activity when I rode by this morning, unlike mornings earlier this week. Will look more closely tomorrow.
 

PoolGuy

New Member
Member Bio
Joined
Mar 3, 2016
Messages
38
Reaction score
8
Unfortuantely I don't have access to the full article so I can't tell if this property part of the movement to seize. However, according to the Fortress site there are 20 active projects and the news article mentions 13 were siezed so odds are not good:

Senior lenders have moved to seize control of 13 real estate development projects co-ordinated by Fortress Real Developments Inc. as the loans mature or fall into default. A new report from FAAN Mortgage Administrators Inc., a court-appointed receiver that took control
https://www.theglobeandmail.com/business/article-lenders-to-seize-13-fortress-real-estate-projects/

@YDS Curious to know if there was any activity on the site?
 

YDS

New Member
Member Bio
Joined
Aug 12, 2015
Messages
78
Reaction score
118
Full article does not mention Platform as one of the properties seized. Mentions Treehouse (Scrarborough), Lake & East (Oakville), Mississauga Meadows, Charlotte Adelaide Tower (downtown TO), and Whitby commercial park.

Wasn't able to stop this morning, but riding by at 8am the site was still quiet. Excavator at top of dirt ramp (that's where its been parked each night lately even when there was day activity).
 

PoolGuy

New Member
Member Bio
Joined
Mar 3, 2016
Messages
38
Reaction score
8

YDS

New Member
Member Bio
Joined
Aug 12, 2015
Messages
78
Reaction score
118
Took some photo's today. Guess we'll see if there is any progression over the next week or two.
IMG_20181028_162648_HDR.jpg
IMG_20181028_163044_HDR.jpg
IMG_20181028_163032_HDR.jpg
IMG_20181028_162958_HDR.jpg
IMG_20181028_162846_HDR.jpg
IMG_20181028_162827_HDR.jpg
 

Attachments

YDS

New Member
Member Bio
Joined
Aug 12, 2015
Messages
78
Reaction score
118
On Tuesday morning, they were putting pylons along Danforth to block off a lane. Wasn't able to stick around to see what was being delivered.

Some pics from today. Looks like crane foundation has been poured. Still a lot of dirt in that hole to excavate though.

IMG_20181104_151115_HDR.jpg
IMG_20181104_150922_HDR.jpg
 

YDS

New Member
Member Bio
Joined
Aug 12, 2015
Messages
78
Reaction score
118
The Fortress stuff has been in the news for some time, though even the latest Globe article did not name this project. Work has been going on daily at the site, though I haven't had a good look at what has happened in the pit since I posted the pics above two weeks ago. Hopeful that the Fortress follies don't impact this project.
 

PoolGuy

New Member
Member Bio
Joined
Mar 3, 2016
Messages
38
Reaction score
8
Another status update on Fortress website (nothing we don't already know as they are typically a month behind):

November, 2018
A tower crane has been erected on site. The crane installation will facilitate the buildout of the structure as construction continues at Platform condos, a fully sold-out project.
https://fortressrealdevelopments.com/projects/platform-condos/

Although it is worth noting that @YDS pictures are being used for construction updates here:

https://fortressrealdevelopments.com/progress-updates/#platform condos
 

Top