Vaughan 7Central | 175.4m | 55s | Graywood | Arcadis

[flippin-ehh]

Canada has added tariffs to things like whiskey and maple syrup, and only from US sources. I don't believe that construction materials were included with the retaliatory measures.

Ahh thanks for clarifying OakvilleGreg1! Thought that the tariffs might cause a supply shortage and price increase, at least according to the articles linked below. Things may have changed since July -- there hasn't been much media coverage on the impact this month.


- July 10: https://globalnews.ca/news/4322602/steel-tariffs-condo-prices-canada-10k/
- July 3: https://www.thestar.com/business/re...rump-and-condo-buyers-will-pay-the-price.html

 

[v17]

The project has been taken down from Gupta’s website. May end up like Cosmos?

https://www.yorkregion.com/news-sto...ers-angry-developer-going-ahead-with-project/

 

[narduch]

The project has been taken down from Gupta’s website. May end up like Cosmos?

https://www.yorkregion.com/news-sto...ers-angry-developer-going-ahead-with-project/

This might explain why the hotel opted to move to that location beside the 400.

 

[raptor]

This might explain why the hotel opted to move to that location beside the 400.

If a new Hilton Garden Inn is opening next door (up the 400), surely the existing one on Hwy 7 will close regardless.

 

[narduch]

If a new Hilton Garden Inn is opening next door (up the 400), surely the existing one on Hwy 7 will close regardless.

But didn't the original Icona plan include for the Hilton to be demo'd and re-built at the same location?

 

[raptor]

But didn't the original Icona plan include for the Hilton to be demo'd and re-built at the same location?

Yes, but Gupta may have elected to go with a different hotel brand. According to BuzzBuzzHome, Icona condos (at least phase 1) is sold out.

 

[flippin-ehh]

This might explain why the hotel opted to move to that location beside the 400.

Something is definitely going on.

- Icona has been removed from the Gupta site: https://guptagroup.ca/residential/
- Icona website has been scrubbed: https://theicona.com/
- Gupta Group office voicemail says, "if you are calling about Incona Condos, direct all questions and concerns to info@theicona.com": 905 940-9409

 

[v17]

Just found out letters have been received by buyers - Icona is being cancelled

 

[raptor]

Just found out letters have been received by buyers - Icona is being cancelled

If that's the case, it's very unfortunate. And the purchases could do nothing about that, as well as all governing bodies.

 

[moon2n]

Icona is being cancelled exactly as Cosmos. Sue again for sure

 

[narduch]

This looks bad on the industry.

 

[innsertnamehere]

I wonder why this has now happened twice in VMC? Both this and Cosmos hold the record for largest project cancellations in recent history.. is there something going on in the area that is causing issues? Exceedingly difficult approvals? Overly aggressive pricing? Why are they both a few blocks apart?

 

[narduch]

The easy answer is both condos sold out before prices increased dramatically.

Didn't Expo sell out 5 condos in the same time span? Perhaps that developer isn't as shady.

 

[raptor]

Icona is being cancelled exactly as Cosmos. Sue again for sure

sue on what grounds exactly? Developer can say they couldn't arrange construction financing, or even file for bankruptcy.

 

[Shisho]

I have heard that there was a restriction in the original purchase of the land by Gupta that limited development of the site to a hotel ... no condos permitted. Apparently Gupta went ahead with and obtained approvals at City of Vaughan but was unable to get the restriction lifted/waived by the previous owner that sold the site to Gupta. Gupta now using the excuse of inability ro obtain construction financing as an excuse. Don't know whether this is true but it's what I have heard.