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

noahthewale

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A few of the crane removal from Friday Dec 11

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interchange42

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But how does the removal crane get removed?
Typically a smaller derrick with be hoisted up by the one there now, then erected, then the pieces of the larger one can be detached and lowered to the ground. That process continues until the sections of a small-enough derrick can be taken back to ground in the elevator.

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Northern Light

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Article in today's Globe and Mail on this project. Specifically on the resolution between Concord and the various creditors, including Condo purchasers here.


The following changes were made from previously discussed offers: (from the article)

Buyers who wanted their deposits back saw the interest on that money raised from 5 per cent to 8 per cent, and some buyers will get their legal fees repaid. In addition, all the buyers who want to stay in the project at new pricing – which will rise from an average of $875 a square foot to $1,338 a square foot – will also be entered into a profit-sharing formula that Concord devised that will kick in if the average price per square foot in the building reaches certain threshold. Real estate brokers connected to the project also saw the amount of the sales commissions owed by Cresford rise from 5 per cent repayment to 55 per cent.

I think the fairness of the offer is enormously improved. That rise in interest, in particular softens the blow for purchasers.

The offer (subject to details) of some share of the profit for those who buy back in at the much inflated price is another blow-softener.

It would still feel 'ick' to be at the wrong end of this proceeding; but that's much better.
 

karledice

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Article in today's Globe and Mail on this project. Specifically on the resolution between Concord and the various creditors, including Condo purchasers here.


The following changes were made from previously discussed offers: (from the article)

Buyers who wanted their deposits back saw the interest on that money raised from 5 per cent to 8 per cent, and some buyers will get their legal fees repaid. In addition, all the buyers who want to stay in the project at new pricing – which will rise from an average of $875 a square foot to $1,338 a square foot – will also be entered into a profit-sharing formula that Concord devised that will kick in if the average price per square foot in the building reaches certain threshold. Real estate brokers connected to the project also saw the amount of the sales commissions owed by Cresford rise from 5 per cent repayment to 55 per cent.

I think the fairness of the offer is enormously improved. That rise in interest, in particular softens the blow for purchasers.

The offer (subject to details) of some share of the profit for those who buy back in at the much inflated price is another blow-softener.

It would still feel 'ick' to be at the wrong end of this proceeding; but that's much better.
It is for sure a better deal for the buyers, still very tough to swallow $875 to $1338 though
I would use this opportunity to exit this project actually
 

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