urbandreamer
recession proof
It's kinda weird realizing I know the brand of those windows and how they look on my fantasy renderings 
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Kartelle Lofts on Queen (at Pape, Kartelle, 4s, ?) (was Film Studio Lofts) COMPLETE
- Thread starter marcus_a_j
- Start date
Roy G Biv
Senior Member
Sooooooooo..... Rose & Thistle told BlogTO that they were going to restart construction this past MAY. And that occupancy would be by April 2014.
LOL
LOL
Lenser
Senior Member
That corner would appear to be cursed.
anonymous0024
Active Member
No pictures, but drove by last night and the building is now completely covered in scaffolding. Things are [hopefully] finally happening!
flonicky
Active Member
That happened months ago. There was a brief burst of activity and then it stalled.
Lenser
Senior Member
Yeah, Stall City indeed. Shot this earlier in the week. Zero happening. Another clapped-out, stillborn effort. Wonder when it will actually come to anything remotely resembling a functioning residence.
Thesb
Active Member
The saga continues. Via BlogTO:
Don't expect the shell of the half-finished condo building at Queen and Pape to spring to life any time soon. A lengthy legal battle between a real estate developer and a prominent diet doctor has cast the immediate future of the building, and several others in Toronto, in serious doubt.
In a storyline that wouldn't be out of place in a made-for-TV movie, the development company that promised to finish the stalled Film Studio Lofts teamed up with Dr. Stanley Bernstein, better known simply as Dr. Bernstein, the founder of a nationwide weight-loss clinic, but ended up fighting it out in a bitter legal dispute over an alleged theft of mortgage proceeds.
According to court documents, The Rose & Thistle Group, led by Norma and Ronauld Walton, bought the shell of 1003 Queen Street East on June 7, 2012. Bernstein invested $800,000 in the company set up to finish the condos and provided a mortgage of $400,000. Over the next year, the company worked to shore up the leaky shell of the 10 residential and two retail units, building much of the metal shell and installing windows.
They expected to make between $100,000 and $500,000 on the building once it was fully occupied.
The project started life in 2006 as the Film Studio Lofts and had a targeted completion date of Fall 2007. Construction stalled and down-payments on the units were refunded by the original developer.
The Rose & Thistle Group Ltd. started buying property in Toronto in 2001 and averaged about three purchases a year until 2013. Dr. Bernstein, a neighbour of the Waltons, began investing in the company in 2008. In total, he put more than $100 million into some 31 properties, including 1003 Queen Street East.
Bernstein took legal action last summer when the proceeds from $6 million in mortgages, taken out by the Waltons on two joint-owned properties without his knowledge, ended up in Norma Walton's personal bank account. An Ontario Superior Court judge ruled that the Walton and Bernstein properties, which included the Red Door Shelter on Queen East and a former Salvation Army building on Pape, should be placed in receivership and sold.
Last year, Norma Walton told me she expected the building to be complete by April 2014. Since then, only some of the bright yellow cladding, damaged by exposure to the elements, has been replaced. Judging by the state of the exterior and lack of interior fittings construction is some ways from completion.
The building is now up for sale once again. If it's sold, the new owners will become the third company to attempt to build condos on the site.
The Norma and Ronauld Walton are appealing the judge's decision. Expect this one to drag on.
Don't expect the shell of the half-finished condo building at Queen and Pape to spring to life any time soon. A lengthy legal battle between a real estate developer and a prominent diet doctor has cast the immediate future of the building, and several others in Toronto, in serious doubt.
In a storyline that wouldn't be out of place in a made-for-TV movie, the development company that promised to finish the stalled Film Studio Lofts teamed up with Dr. Stanley Bernstein, better known simply as Dr. Bernstein, the founder of a nationwide weight-loss clinic, but ended up fighting it out in a bitter legal dispute over an alleged theft of mortgage proceeds.
According to court documents, The Rose & Thistle Group, led by Norma and Ronauld Walton, bought the shell of 1003 Queen Street East on June 7, 2012. Bernstein invested $800,000 in the company set up to finish the condos and provided a mortgage of $400,000. Over the next year, the company worked to shore up the leaky shell of the 10 residential and two retail units, building much of the metal shell and installing windows.
They expected to make between $100,000 and $500,000 on the building once it was fully occupied.
The project started life in 2006 as the Film Studio Lofts and had a targeted completion date of Fall 2007. Construction stalled and down-payments on the units were refunded by the original developer.
The Rose & Thistle Group Ltd. started buying property in Toronto in 2001 and averaged about three purchases a year until 2013. Dr. Bernstein, a neighbour of the Waltons, began investing in the company in 2008. In total, he put more than $100 million into some 31 properties, including 1003 Queen Street East.
Bernstein took legal action last summer when the proceeds from $6 million in mortgages, taken out by the Waltons on two joint-owned properties without his knowledge, ended up in Norma Walton's personal bank account. An Ontario Superior Court judge ruled that the Walton and Bernstein properties, which included the Red Door Shelter on Queen East and a former Salvation Army building on Pape, should be placed in receivership and sold.
Last year, Norma Walton told me she expected the building to be complete by April 2014. Since then, only some of the bright yellow cladding, damaged by exposure to the elements, has been replaced. Judging by the state of the exterior and lack of interior fittings construction is some ways from completion.
The building is now up for sale once again. If it's sold, the new owners will become the third company to attempt to build condos on the site.
The Norma and Ronauld Walton are appealing the judge's decision. Expect this one to drag on.
Lenser
Senior Member
Man, what a sad joke. Wonder how long it will take before:
It actually gets finished or
It gets torn down because it's been allowed to slide for far too long and something else goes up instead.
It actually gets finished or
It gets torn down because it's been allowed to slide for far too long and something else goes up instead.
TheKingEast
Senior Member
I feel for anyone who bought here.
Roy G Biv
Senior Member
Or any of the trades (sighs).
Hamiltonian
Active Member
This is a disaster!
Roy G Biv
Senior Member
Grapevine says this one could be a go very soon.
Lenser
Senior Member
I'll believe it when I see it. This thing looks like it's cursed. It should have been finished and populated a loooong time ago.
Thesb
Active Member
Yoshimura
Active Member
Looks pretty good actually.
The roof patio is new?
The roof patio is new?