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

New docs uploaded to PlanIt dated Oct 1, 2019. They are mostly related to landscape plans, but the fact of the matter is that this proposal is still very much alive.
 
Icona condo buyers take developer to court over cancelled project

TESS KALINOWSKI REAL ESTATE REPORTER
Sat., Nov. 16, 2019

Buyers in the cancelled Icona condos are asking a court to find that developer Gupta Group breached its contract by failing to disclose that its Vaughan property was subject to a legal condition prohibiting it from selling homes on that piece of land.

If the 463 purchasers are successful, they intend to sue for damages from the transaction they say has left them behind in the Toronto region’s high priced housing market.

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AlbertC said:
Buyers in the cancelled Icona condos are asking a court to find that developer Gupta Group breached its contract by failing to disclose that its Vaughan property was subject to a legal condition prohibiting it from selling homes on that piece of land.
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I don't expect this to get very far. Restrictive covenant is effectively the same as financial reasons; as the only reason the restriction could not be lifted is due to a cost so high they cannot follow through profitably.

That they later came to an agreement is a sign of the seller caving when they realized their only available buyer was quite serious about walking away.

That said, Gupta Group should have added that as a condition to the AP&S so I wish the former buyers luck.
 
rbt said:
I don't expect this to get very far. Restrictive covenant is effectively the same as financial reasons; as the only reason the restriction could not be lifted is due to a cost so high they cannot follow through profitably.

That they later came to an agreement is a sign of the seller caving when they realized their only available buyer was quite serious about walking away.

That said, Gupta Group should have added that as a condition to the AP&S so I wish the former buyers luck.
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Buying pre-construction is a gamble. This purchasers lost. Technically, they didn't lose anything (ok, maybe interest on their deposits). Their only loss is the opportunity cost, but it's difficult to put a number there. Had the market crashed since, would they still go to court? Hope they lose.
 
This development is still alive. New docs uploaded on PlanIt dated 12/22/2020. Can't find any substantial updates or renderings.
 
AlbertC said:
Icona condo buyers take developer to court over cancelled project

TESS KALINOWSKI REAL ESTATE REPORTER
Sat., Nov. 16, 2019

Buyers in the cancelled Icona condos are asking a court to find that developer Gupta Group breached its contract by failing to disclose that its Vaughan property was subject to a legal condition prohibiting it from selling homes on that piece of land.

If the 463 purchasers are successful, they intend to sue for damages from the transaction they say has left them behind in the Toronto region’s high priced housing market.

Outline - Read & annotate without distractions

Outline is a free service for reading and annotating news articles. We remove the clutter so you can analyze and comment on the content.
outline.com outline.com
Click to expand...
Good for them!
Scummy developer, don't risk your money. Stick with Tridel, Daniels, Menkes
For sure I will never touch a Gupta property
 
The others developers screw condo owners in many of the same ways so singling out one developer while praising the others? When they don't deliver a buyer has little recourse. They'll bury you so deep you'll give up trying after awhile.... and that's by design. I'm very much interested in urban planning, architecture, city building, etc. but personally wouldn't risk my money with any developer.
 

Graywood Developments LP announces Final Closing of Graywood Fund IX alongside Acquisition of three-tower site in Vaughan Metropolitan Centre​


Nov 15, 2021

Graywood Developments LP ("Graywood") announced that it has completed the final closing of its ninth real estate private equity fund, Graywood Fund IX Limited Partnership ("Fund IX" or the "Fund"). Graywood raised CAD $148 million from Canadian financial institutions, pension plans, family offices and high net worth individuals. The final closing of the Fund brings Graywood's equity under management to over CAD $525 million, funding 14 projects with CAD $4.3 billion in development value.

"We are proud to have strong support from our investors. The closing of Fund IX marks the largest closed-end Fund in Graywood's history and is a testament to the strength of our investment platform and the resilience of the residential real estate market," said Stephen Price, President and CEO of Graywood Developments. "We are highly confident in our strategy, development platform and experienced team and believe we are well-positioned to provide strong returns to our investors."

Part of the proceeds from the final closing of Fund IX have been deployed to acquire ("3201 Highway 7"), located at the corner of Interchange Way and Highway 7 in the thriving Vaughan Metropolitan Centre ("VMC"), steps away from the VMC subway station. Graywood partnered with Phantom Developments on the acquisition and plans to redevelop 3201 Highway 7 into a 3-tower high-rise mixed-use development with approximately 1,730 units.

www.newswire.ca

Graywood Developments LP announces Final Closing of Graywood Fund IX alongside Acquisition of three-tower site in Vaughan Metropolitan Centre

/CNW/ - Graywood Developments LP ("Graywood") announced that it has completed the final closing of its ninth real estate private equity fund, Graywood Fund IX...
www.newswire.ca www.newswire.ca
 

Graywood, Phantom buy site to build 3 towers at Vaughan’s VMC​


Nov 25, 2021


Graywood Developments LP and Phantom Developments have partnered to acquire 3201 Highway 7, a property slated for a major three-tower-plus-podium, mixed-use development at the Vaughan Metropolitan Centre (VMC).

For Graywood, the acquisition, which is at the intersection of Interchange Way, is the largest in company history. It also completes the final closing of its ninth real estate private equity fund.

The partners’ planned development would comprise two 55- and one 26-storey tower with approximately 1,730 residential units in total.

The purchase price for the property, located just steps away from the VMC stop on the TTC subway line, was not disclosed.

Graywood currently has 14 active projects with 6,000 residential units under development, representing $4.3 billion in development value.

The Vaughan Metropolitan Centre site​

Alex Marshall, Graywood’s director of development, said the firm is focused on investing in what it calls AAA locations with direct connections to transit.

“We think Vaughan is that next spot,” Marshall told RENX. “If you’ve walked the VMC recently, you can see it already coming into force.

“You walk from the transit centre to our site, it’s less than a four-minute walk and we are creating a complete community where our residents are going to be able to live, work and play with office space, amenity space, retail and obviously it’s going to be home to over 1,700 units.”

Another reason Graywood purchased the site, he said, is because it has planning approvals in place for a pair of 55-storey towers, fronting onto Highway 7. A third tower of 26 storeys is planned on the south side.

Marshall said ground-floor retail will be located in the two towers along Highway 7, comprising about 10,000 square feet. Rounding out the site is a proposal for a stand-alone, three-storey office building of about 40,000 square feet.

“The two 55-storey towers are going to share a five-storey podium and at the first floor of that podium connecting the two towers, that’s where the retail will be,” he said.

A five-storey hotel currently sits on the site. That property is part of the redevelopment and will be demolished when construction begins.

Marshall said the goal is to launch sales for the residences in Q1 2023. The hope is to start construction soon after.

“With 55-storey towers, the construction timeline is a little longer than most smaller projects. So we’re looking to be fully complete before the end of 2027,” he added.
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renx.ca

Graywood, Phantom buy site to build 3 towers at Vaughan’s VMC

Graywood Developments LP and Phantom Developments have partnered to acquire 3201 Highway 7, a property slated for a major three-tower-plus-podium, mixed-use development at the Vaughan Metropolitan Centre (VMC). For Graywood, the acquisition, which is at the intersection of Interchange Way, is...
renx.ca renx.ca
 
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There's been a recent set of Arch docs uploaded late March dated December 2021 showing a new design:
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