lazarus
New Member
Well, it looks like the M5V site is now a temporary parking lot. What is up with that? Here come the building delays. Bastards!
Toronto M5V Condominiums | 118.87m | 35s | Lifetime | Core Architects
sunlover
New Member
Are you serious??!! Isn't it fenced off?? Do you mean a real parking lot or are people just sneaking in? Does anyone know what the official story (excuse) is?
Jayomatic
Active Member
It's a real parking lot. It's been like that for a couple weeks.
Mike in TO
Senior Member
Could be a permit issue or a labour issue - they might as well have some income while they wait - parking is a premium in the area.
sunlover
New Member
Undoubtedly a problem of some sort--it just would be refreshing if a developer( TAZ) would keep the buyers apprised of what is going on with delays etc.--some people are planning on these so called "completion dates"
grey
Senior Member
Not wise!
Yeah, you can be assured that your completion dates are not assured - 95% of the projects in this city have their dates pushed back, and sometimes back and back and back. Be prepared.
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lazarus
New Member
I just went to a residents meeting and was told the M5V "firm" move in date is NOV 2010! Holy Shit!!! That is now 1 full year past the original tentative move in date of Nov 2009. Looks like at least an additional year of renting is coming my way. Very disappointed. 
H
Hydrogen
Guest
Disappointing, but not at all unusual.
marcus_a_j
Senior Member
THe original move in date probably did not take into account a trip to the OMB. There's also no way to know how quick sales will go, so if they are slow, then it takes longer to secure financing and begin construction. It's unfortunate that this happens and you'll have to pay more rent, but I think it will be worth the wait. The building looks really good and the floorplans are decent. There will be decent views from many of the units.
urbandreamer
recession proof
It's a gorgeous condo...parking lot.... (taken 6 april 08):
lazarus
New Member
I figured the OMB situation would delay the move in date, but i didin't think it would add up to a full year. I hope it is worth the wait.
At the M5V meeting they did mention that there is a ground breaking ceremony tentatively planned for May 10th and that the building is 75% sold out.
At the M5V meeting they did mention that there is a ground breaking ceremony tentatively planned for May 10th and that the building is 75% sold out.
urbandreamer
recession proof
Just a thought: It looks like the TAS group has learned from their experience with m5v on the Joker site--knock the old building down asap so you have some revenue coming in during the 3 years of sales and omb fights!
urbandreamer
recession proof
^Well yes I'm sure a tax writeoff is part of the deal (how they'll ever turn a buck on m5v?) but I'm thinking the parking revenue will surely help the balance sheet out over the next 4 years the Joker site remains in limbo?
Mike in TO
Senior Member
The other reason is Adam Vaughan favours getting rid of the clubs ASAP, he would of been supportive of Joker/Big Volume coming down at the start of the development process vs waiting for sales and financing.