Toronto Backyard Neighbourhood Condos | 24.99m | 10s | VANDYK | Kohn

jbaa1 said:
What happens if a project is in receivership?
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In short, someone else is appointed by the courts to make decisions. Their objective is to cover as much of the debt owing as possible, but without the crutch of being expected to cover all of the debt. Once creditors accept losses, it presents some options.

How that is done varies wildly by the specific situation. Sometimes it means selling the project as a whole to another developer, sometimes it means selling the pieces (I.e. land only, not contracted customers), sometimes it means firing and hiring different subcontractors, changing the scale of the project (trimming unsold units off the top floors), and in some very rare cases they've even taken on more debt in order to complete the project under the original developer.

For the customer, more often than not, a new developer will be involved. They will make non-trivial changes to make the project financially viable. You, the customer, will be presented with the option of mutually cancelling your purchase agreement including the return of your deposit, OR signing a new purchase agreement which may have a different price or changes to the unit.
 
rbt said:
In short, someone else is appointed by the courts to make decisions. Their objective is to cover as much of the debt owing as possible, but without the crutch of being expected to cover all of the debt. Once creditors accept losses, it presents some options.

How that is done varies wildly by the specific situation. Sometimes it means selling the project as a whole to another developer, sometimes it means selling the pieces (I.e. land only, not contracted customers), sometimes it means firing and hiring different subcontractors, changing the scale of the project, and in some very rare cases they've even taken on more debt in order to accelerate the unchanged project under the original developer.

For the customer, more often than not the project is sold to a new developer. The new developer makes non-trivial changes to make the project financially viable. You, the customer, will be presented with the option of mutually cancelling your agreement OR signing a new purchase agreement (potentially for a higher price or different unit type).
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Thanks for the info!
 
Pre-sale purchase agreement will be cancelled.
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Site for sale:



Jones Lang LaSalle Real Estate Services, Inc. (“JLL” or the “Advisor”) is pleased to offer for sale a 100% freehold interest in 15 Neighbourhood Lane, Toronto, Ontario (“King’s Mill”, the “Property” or “Site”), a partially constructed, mid-rise residential project located near the intersection of Park Lawn Road and The Queensway in South Etobicoke.

Upon completion, this third and final phase of the Backyard Neighbourhood Condos development will total 186,446 square feet (“sf”) of residential gross floor area (“GFA”), spanning 10 storeys and featuring a mix of 234 residential units varying in size and layout. The Site has undergone significant work to date, including substantial completion of the building structure, which topped out at 10 storeys and has underground parking in place. A purchaser will have the opportunity to complete the development within an accelerated timeline, wherein project risks are significantly mitigated.

The Property is conveniently located in the Stonegate-Queensway neighbourhood along the Humber River, proximate to an abundance of community and recreational amenities, including over 400 acres of urban green space, as well as several nearby schools, restaurants and retail shops along Bloor Street West. In addition, future residents will benefit from seamless access to the Gardiner Expressway, Highway 427 and Toronto Pearson International Airport, as well as high-order transit, including the Toronto Transit Commission (“TTC”) Royal York and Old Mill Subway Stations, and Mimico GO Station.

The Property represents one of the final development sites in this affluent and established residential neighbourhood, presenting an opportunity for a purchaser to step into a project with reduced timeframes and overall risk. King’s Mill is a residential condominium project in which approximately 91% have sold to date, where sales contracts can be maintained or cancelled at the incoming developer’s discretion.
 
ProjectEnd said:
Site is already sold (conditionally)...
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The building has Empire branding all over it now. Construction not restarted yet. Photos soon!

Once we see Empire's branding plans for it, I think we'll start a second thread as I don't want to nuke all of the VanDyk related info from the current database file as it would still apply to the three completed phases.

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