This project has been sold by Mady to
New Horizon Development Group ... looks like Mady Developments is a goner
http://m.insidehalton.com/news-story/5325414-burlington-s-downtown-bridgewater-development-changing-hands/
Burlington's downtown Bridgewater development changing hands
By Tim Whitnell
A Hamilton-based homebuilder is taking over the $210-million Bridgewater development project in downtown Burlington that features two condominiums and a hotel, including what will be considered a ‘landmark’ 22-storey structure in the city’s core.
Burlington resident Jeff Paikin, president of the New Horizon Development Group, told the Post today that his company is taking over the entire project from original developer Mady Development Corporation of Markham.
Besides letters that have been sent to those who put downpayments on units for the 22-storey and seven-storey condos, to be built on Lakeshore Road at the foot of Elizabeth Street, Paikin said he and other New Horizon officials were to meet with most of the buyers at the onsite sales centre at 5 p.m. today to discuss the change in developers.
The Post was unable to reach Mady Corporation for comment about relinquishing the project to New Horizon.
The Bridgewater project is a joint venture that includes a group of area businessmen who own the land it will be built on.
The project initially included 169 condo units in the two towers. Some units have since been expanded in the 22-storey condo, said Paikin, reducing the number of units in it to 120 from 145.
The 22-storey structure has been designated Burlington’s ‘landmark’ building for downtown, according to the city’s Official Plan. The seven-storey building remains with its original 24 units. Unit prices between the two condos will range from $500,000-plus to $3.5 million. The complex also will feature 11,000 square feet of service and commercial space aimed at condo residents and the broader downtown community. There will be three levels of underground, shared parking.
“We take on the assets and the liabilities†of the project, said Paikin. “We are self-contracting so it (construction) is delivered by our own company,†he added. He expects the Bridgewater name will be retained for the development. The condos project is expected to create about 200 construction jobs.
Delta Hotels and Resorts was expected to operate the city’s newest waterfront hotel as the third structure of the project. Delta’s 38 Canadian hotels were bought by Marriott International in late January. Paikin said the hotel will still be built as part of the Bridgewater project but he’s not sure under what brand name it will operate. The 152-room inn is planned for the site of the old Riviera Motel. It is expected to create 100 construction-related jobs.
Paikin said most permits and zoning are in place for the entire development so there is no reason for any unexpected delays in building once enough people have purchased units for New Horizon to forge ahead. About 30 per cent of the 144 condo units have been sold, said Paikin. “Construction starts when (unit) sales are between 75-80 per cent on the two (condos). He estimated that shovels could be in the ground for the condos and hotel by late 2015 with 2 ½-3 years needed for completion.
“It all came together quite quickly for the right reasons. Thankfully, we (New Horizon) are known to the (project’s) sales team…. We met with them about a month ago … and being local and having a good reputation†helped seal the project’s takeover, said Paikin. “We are honoured to put forth Mr. Mady’s vision,†he added. “We will have the glory of the touchdown,†when it’s finished, he said.
The City of Burlington’s director of planning and building says they were notified Wednesday of the change in developers. Bruce Krushelnicki told the Post this afternoon that he wasn’t surprised by the switch as the city had been expecting to hear back from Mady officials about aspects of the project but hadn’t for several weeks. Krushelnicki hasn’t had a chance to talk to New Horizon officials but expected to do so at last night’s meeting involving some of the buyers of Bridgewater condo units.
“It really isn’t important to us who owns it,†he said of any project. City officials are only concerned that it meets all municipal and building standards, he said. To date, the project has achieved most approvals, said Krushelnicki. “Now we are awaiting the fine details about landscaping, access and building permits.†Paikin noted he’s got more invested in the project, literally, than just being the president of the company taking over the development. He and his wife, Andrea, made a purchase commitment last October on a $2.15 million, two-bedroom unit on the seventh floor of Bridgewater's seven-storey condo tower. “They aren’t cheap but we saw the value was there and a valuable opportunity†to make a change in their living arrangements, said the 52-year-old Paikin, who has three daughters. He has lived on Shoreacres Road in south Burlington for four years. Before that he lived in the Tyandaga and Aldershot communities.
New Horizon was established in 1994 starting as a single-family homebuilder, then moving to custom homes and now focusing on condominiums. It has done projects in Hamilton, Burlington and Brant. Its buildings in Burlington include the 246-unit, dark brown-coloured Vibe condo at Appleby Line and Corporate Drive. New Horizon also built the Times Square and Haven condos at Upper Middle Road and Sutton Drive. It is building two eight-storey condos for the Mint project at Dundas Street and Bronte Road in Oakville. — with Post files
