jbaa1
Active Member
My friend said backyard neighborhoods are building currently , he live near
Brampton UPtowns at Heart Lake | ?m | 4s | VANDYK
- Thread starter gquest
- Start date
ruru123456
New Member
I have one at Lakeview and Dixie. Construction was supposed to start last year but I dont see any developments in construction at the site. Hope they get bankrupt so i can get my money back and start to re-plan. dont want to be in limbo for years and years with the deposit tied up
Deanfeb
Active Member
Welcome to the Vandyk club
globerealreporter
New Member
Toronto builder’s projects stalled as construction woes mount
Vandyk Properties has secured hundreds of millions of dollars in loans to rapidly expand in recent years, but work on a half-dozen Vandyk projects has stalled
www.theglobeandmail.com
“They keep making it out that it’s not their fault,” said Kevin O’Neill, president at Strong Foundation Inc., who says he hasn’t been paid in a year and is now owed more than $300,000 for work he completed on The Buckingham building at Grand Central Mimico, a three-tower project adjacent to the Mimico GO Transit station operated by Ontario’s provincial transit agency Metrolinx.
He says his attempts to discuss the issue with Vandyk have been met with multiple delays and ultimately legal threats when he told the company he would take his complaints public.
“They kept saying ‘You’re wrecking it for everyone,’” said Mr. O’Neill.
“Any collateral damage between Vandyk and Metrolinx due to your actions will be met with the fullest extent of the law and we will come after you for any and all damages from the fallout of damages to Vandyk,” John Vandyk Jr. wrote in an e-mail to Mr. O’Neill. John Jr. is a managing director at the company and son of founder John C. Vandyk.
jbaa1
Active Member
What’s Vandyk problem , are they going bankrupt and can’t pay past and future trades?Toronto builder’s projects stalled as construction woes mount
Vandyk Properties has secured hundreds of millions of dollars in loans to rapidly expand in recent years, but work on a half-dozen Vandyk projects has stalled
“They keep making it out that it’s not their fault,” said Kevin O’Neill, president at Strong Foundation Inc., who says he hasn’t been paid in a year and is now owed more than $300,000 for work he completed on The Buckingham building at Grand Central Mimico, a three-tower project adjacent to the Mimico GO Transit station operated by Ontario’s provincial transit agency Metrolinx.
He says his attempts to discuss the issue with Vandyk have been met with multiple delays and ultimately legal threats when he told the company he would take his complaints public.
“They kept saying ‘You’re wrecking it for everyone,’” said Mr. O’Neill.
“Any collateral damage between Vandyk and Metrolinx due to your actions will be met with the fullest extent of the law and we will come after you for any and all damages from the fallout of damages to Vandyk,” John Vandyk Jr. wrote in an e-mail to Mr. O’Neill. John Jr. is a managing director at the company and son of founder John C. Vandyk.
SRAMP
Active Member
Thanks a lot for this article. yours is much detailed and covers concerns from every end. Hopefully it would move something.Toronto builder’s projects stalled as construction woes mount
Vandyk Properties has secured hundreds of millions of dollars in loans to rapidly expand in recent years, but work on a half-dozen Vandyk projects has stalled
“They keep making it out that it’s not their fault,” said Kevin O’Neill, president at Strong Foundation Inc., who says he hasn’t been paid in a year and is now owed more than $300,000 for work he completed on The Buckingham building at Grand Central Mimico, a three-tower project adjacent to the Mimico GO Transit station operated by Ontario’s provincial transit agency Metrolinx.
He says his attempts to discuss the issue with Vandyk have been met with multiple delays and ultimately legal threats when he told the company he would take his complaints public.
“They kept saying ‘You’re wrecking it for everyone,’” said Mr. O’Neill.
“Any collateral damage between Vandyk and Metrolinx due to your actions will be met with the fullest extent of the law and we will come after you for any and all damages from the fallout of damages to Vandyk,” John Vandyk Jr. wrote in an e-mail to Mr. O’Neill. John Jr. is a managing director at the company and son of founder John C. Vandyk.
Now as a buyer, I know to some extent what is going on behind Vandyk projects. It seems like they are going bankruptcy. We are hoping atleast, we would get our down payments.
ruru123456
New Member
thanks for sharing. wish there wasnt a pay wallToronto builder’s projects stalled as construction woes mount
Vandyk Properties has secured hundreds of millions of dollars in loans to rapidly expand in recent years, but work on a half-dozen Vandyk projects has stalled
“They keep making it out that it’s not their fault,” said Kevin O’Neill, president at Strong Foundation Inc., who says he hasn’t been paid in a year and is now owed more than $300,000 for work he completed on The Buckingham building at Grand Central Mimico, a three-tower project adjacent to the Mimico GO Transit station operated by Ontario’s provincial transit agency Metrolinx.
He says his attempts to discuss the issue with Vandyk have been met with multiple delays and ultimately legal threats when he told the company he would take his complaints public.
“They kept saying ‘You’re wrecking it for everyone,’” said Mr. O’Neill.
“Any collateral damage between Vandyk and Metrolinx due to your actions will be met with the fullest extent of the law and we will come after you for any and all damages from the fallout of damages to Vandyk,” John Vandyk Jr. wrote in an e-mail to Mr. O’Neill. John Jr. is a managing director at the company and son of founder John C. Vandyk.
jbaa1
Active Member
That’s only 300k, cost of 1 unit.
Are there any other vendors in the article coming forward with non payment? $300k is a drop in the bucket for Vandyk. I am hearing talks of hundreds of millions of dollars, any news on this in the article?
There is a pay wall, I cannot open it.
gur3001
New Member
I cut pieces from our project below:
In Brampton, Ont., a 331-unit townhouse project called UPtowns at Heart Lake has seen a half-dozen contractors file construction liens seeking more than $9-million for unpaid work, the largest being Roni Excavating Ltd., which is seeking $4.8-million.
There are hundreds of preconstruction buyers and real estate agents waiting on Vandyk as well.
Akshay Sehgal is a condo sales specialist with Re/Max Plus City Team who said that agents who sold preconstruction units at Vandyk sites are still waiting for partial commissions that have been owed to them for years.
Hundreds of buyers are also trapped. The UPtowns project in Brampton was initially sold in 2017 with a completion date set for 2020. During the pandemic, Vandyk notified the buyers of two unavoidable delays and is now promising units will be completed in 2025, eight years after some initial deposits were given.
“I’m just hoping they are not going to go bankrupt,” said Dean Khan, who worries about getting his deposit back and or some day getting his condo.
“I go there on a daily basis to look, to see what’s moved,” said Casendra Vijaya, who purchased in 2017. “I’ve been renting now and I lived with my parents for longer. … I should have bought a house by now, but my money is stuck.” She also recently received unsolicited advice from a Vandyk receptionist when she contacted the company for an explanation as to why work has stopped at the site: “She told me just stop going and looking.”
Vandyk has loan commitments with an array of private lenders.
The Uptowns site has a $45.7-million loan from Trisura Guarantee Insurance Co. registered against it as well as $140-million from MCAP and $68.7-million from Kingsett Mortgage Corp.
Vandyk Properties and its lenders declined to comment.
In Brampton, Ont., a 331-unit townhouse project called UPtowns at Heart Lake has seen a half-dozen contractors file construction liens seeking more than $9-million for unpaid work, the largest being Roni Excavating Ltd., which is seeking $4.8-million.
There are hundreds of preconstruction buyers and real estate agents waiting on Vandyk as well.
Akshay Sehgal is a condo sales specialist with Re/Max Plus City Team who said that agents who sold preconstruction units at Vandyk sites are still waiting for partial commissions that have been owed to them for years.
Hundreds of buyers are also trapped. The UPtowns project in Brampton was initially sold in 2017 with a completion date set for 2020. During the pandemic, Vandyk notified the buyers of two unavoidable delays and is now promising units will be completed in 2025, eight years after some initial deposits were given.
“I’m just hoping they are not going to go bankrupt,” said Dean Khan, who worries about getting his deposit back and or some day getting his condo.
“I go there on a daily basis to look, to see what’s moved,” said Casendra Vijaya, who purchased in 2017. “I’ve been renting now and I lived with my parents for longer. … I should have bought a house by now, but my money is stuck.” She also recently received unsolicited advice from a Vandyk receptionist when she contacted the company for an explanation as to why work has stopped at the site: “She told me just stop going and looking.”
Vandyk has loan commitments with an array of private lenders.
The Uptowns site has a $45.7-million loan from Trisura Guarantee Insurance Co. registered against it as well as $140-million from MCAP and $68.7-million from Kingsett Mortgage Corp.
Vandyk Properties and its lenders declined to comment.
jbaa1
Active Member
I’m surprised lenders aren’t commenting. I figured they would want to expose Vandyk for defaulting.
SRAMP
Active Member
They have mortgage and construction liens on all of their projects like backyard condos, Grand Central Mimico. They are in total financial mess. Government needs to crack down on shady builders like Vandyk.
jbaa1
Active Member
Hopefully with housing crisis and population growth especially in GTA , Trudeau and Ford give bail out packages to finish the product so we can close
Ourhome
New Member
Thank God I am not alone. So relieved to have this group to share thoughts.
jbaa1
Active Member
Don’t worry guys, the pain will be over soon. Just a couple of years we’ll get our deposits. At least we know.
nicolephillipe
New Member
Hi everyone.
So glad I am able to connect with you all. Thank you Dean for the article and connecting me here.
My husband and I are in the same boat as you all. We purchased our townhouse back in July 2017 and have been getting the run around from Vandyk Uptowns ever since.
Wish there was something we could do!!! Extremely frustrating.
So glad I am able to connect with you all. Thank you Dean for the article and connecting me here.
My husband and I are in the same boat as you all. We purchased our townhouse back in July 2017 and have been getting the run around from Vandyk Uptowns ever since.
Wish there was something we could do!!! Extremely frustrating.