Toronto Pinnacle Lakeside (Phase 1) | 174.86m | 54s | Pinnacle | Hariri Pontarini

DSC said:
Clearly not on hold as they are excavating. Their permits etc are slowly wending their way through the bureaucracy but they would not be spending $$$ on shoring and excavating (or 'soil remediation') if they were not planning to actually build.
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If I'm not mistaken. I seen the info on skyscraperpage illustration page saying that the two towers are on hold! I guess Koops will go back and change it then.
 
Today

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skywalker said:
Thank you for sharing this. Looks like something is happening on the site, but at a very slow snail pace, when there are condo building popping up across the city in the last 2 years. We still don't know these guys are really up to. Is this all for a show?
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I think it is more than 'show' and am not sure why they would be doing anything unless they plan to move forward to actual building. It is costing them lots in interest payments and the excavation work is not cheap. Their building permits are still in process so no real point in rushing ahead with the 'soil remediation' / excavation.
 
DSC said:
I think it is more than 'show' and am not sure why they would be doing anything unless they plan to move forward to actual building. It is costing them lots in interest payments and the excavation work is not cheap. Their building permits are still in process so no real point in rushing ahead with the 'soil remediation' / excavation.
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I truly hope you are right. I was counting on moving into my condo in late 2022 (occupancy was in July 2022). . Now my $200K is tied up, and they will not give even estimated date for completion. At this stage, 2.5 years after starting construction, one would think they would have their ducks in a row, got the required permits, and at least give some date estimates. That's why I feel skeptical.
 
skywalker said:
I truly hope you are right. I was counting on moving into my condo in late 2022 (occupancy was in July 2022). . Now my $200K is tied up, and they will not give even estimated date for completion. At this stage, 2.5 years after starting construction, one would think they would have their ducks in a row, got the required permits, and at least give some date estimates. That's why I feel skeptical.
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I hear your frustration but it is, unfortunately, typical for developers to promise an early completion and then (once they have your money) 'reality (or truth!) sinks in'. I would be surprised to see occupancy before summer 2024 but ....
 
DSC said:
I hear your frustration but it is, unfortunately, typical for developers to promise an early completion and then (once they have your money) 'reality (or truth!) sinks in'. I would be surprised to see occupancy before summer 2024 but ....
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Guys, I really hate to disappoint but for Summer 2024 occupancy I'm currently looking at the development which is a standalone building, under 40 floors with a few floors in already.

Lakeside is a complex of at least 2.5 towers two of which are 39 and 49 floors (assuming Phase II will be a totally independent construction process), and which will likely be built more or less in synch (see Lighthouse), with slow progress for a number of foreseeable months while permitting is still in the works, and with parent company not out of the financial trouble woods yet. As much as truth hurts, it still makes sense to be realistic. I'll be highly surprised if occupancy arrives somewhat (i.e. 6 to 9 months at best) before summer 2026. Even not unlikely sometime 2027, given the size of the development and the typical construction pace in this city.

On the bright side, @skywalker will end up tripling if not quadrupling his deposit with equity approaching if not surpassing 50% before mortgage application will have to be submitted. Also, most of the surrounding infrastructure which is currently being built or even planned for, will be in place by then. The location is as prime as it gets in this city. Pray for the developer not going bankrupt or not cancelling the thing for other reasons.
 
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Hi Mastec, thank you for your feedback on the development of the Lakeside complex. I realized that July 2022 occupancy was impossible and that 2024 was plausible if they get going in ernest now.
Your statement about the Summer 2024 occupancy was not so clear. Did you mean that you think it might be ready by Summer 2024 and that afew floors are already completed in the first buiding?

The only silver lining right now is that the building will be completed at some point, and the deposit amount will multiply by 2, 3 or 4 times, if the price current uptrend continues. Yes, I pray that developer will not cancel the project...lol. I understand that then I would get my deposit back with some interest. What a freaking journey!!!!
 
skywalker said:
Did you mean that you think it might be ready by Summer 2024 and that afew floors are already completed in the first buiding?
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Sorry, but as you can see in the photos in post #406 at the top of the page, that while excavation has started, work on the first building is still quite a ways away.

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I'm betting 2026 for the initial occupancy for the first building, that is if this development doesn't go bankrupt beforehand.
 
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