Toronto The Gloucester on Yonge | 147.82m | 44s | Concord Adex | a—A

[AlbertC]

Former Cresford Developments president alleges ‘cash crisis’ at condo firm

SHANE DINGMAN REAL ESTATE REPORTER

The filing describes escalating construction costs for key inputs such as steel and concrete beginning in the fall of 2018. Ms. Athanasoulis said the Clover project was facing $50-million in extra costs, at the same time the Halo project faced overruns close to $45-million. The lawsuit cites a third-party review by cost consultants CB Ross that is said to show 33 Yorkville’s budget needed another $65-million. Some of those bills were paid, but others remained outstanding.

Former Cresford Developments president alleges ‘cash crisis’ at condo firm

A 33-page wrongful dismissal complaint filed on Jan. 21 by Maria Athanasoulis alleges Cresford Developments is failing to pay contractors and incurring costly delays on its projects

www.theglobeandmail.com

 

[AlbertC]

Current condition. There were a few workers on site, Saturday as well.

Feb 22, 2020

 

[Obsidian]

with 10 floors to go, i think this tower is safe

 

[androiduk]

Full complement of workers on site today.

 

[Koops65]

A zoom-in and flyover:

 

[Rascacielo]

Today

 

[AlbertC]

March 5, 2020

 

[Gbc]

By Comparing Feb 22nd photos seem it grew 2-3 floors.

 

[jennyhome]

@AlbertC Thank you for the photos. Did you see any workers working on site? Or the project has stopped?

 

[androiduk]

I live down the street and I wake up every morning to their hammering and banging. There are workers on site every day and nothing has ever changed. About 5 floors to go I think.

 

[Gbc]

Having you is our luck Is interior work also ongoing in parallel at this stage?

 

[androiduk]

^ Yes. I've seen a number of Scavolini Kitchen trucks making deliveries lately.

 

[Gbc]

Cool. Hope every buyer will have the unit on time.

 

[jennyhome]

@androiduk Thank you so much for your update! God bless you!

 

[Lillian]

I actually called sales office and they confirmed the interior work is on at the same time.

Having you is our luck Is interior work also ongoing in parallel at this stage?