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

dufferin1 said:
I don't have a pic to share but the water is gone now. No other site progress.
Click to expand...
IMG_1607[1].JPG
 
This permit (and another associated with it) is fairly new and seems to be being worked on. Something really may be about to start happening!

Application Detail​

Application:
Partial Permit
Status:
Under Review
Location:
215 LAKE SHORE BLVD E
TORONTO ON M5A 3W9
Ward 10: Spadina-Fort York
Application#:
19 173743 FND 00 PP
Accepted Date:
Jun 27, 2023
Project:
Mixed Use/Res w Non Res
Work:
Partial Permit - Foundation
Description:
Part Permit - Proposal to construct 3 new buildings - Building "B2' which consists of 182 dwelling units, 14 storey's, and retail at grade. Building "C+G" consists of one 49 storey and 15 storey combined building with 591 dwelling units and retail at grade, and Building "F" which consists of 374 dwelling units, 39 storey's and retail at grade. Scope of work includes 4 levels of below grade parking.

Examination Processes​

PP Zoning Review

Not Started
Zone - Other
Tamondong, Ray
Contact Info
PP Code Review
Aug 9, 2023
Closed
 
BloorBlueprints said:
There appears to be new activity on this site. Started about a week ago and has slowly picked up. To my knowledge was previously sitting empty for at least a few months.
View attachment 499238
Click to expand...

DSC said:
This permit (and another associated with it) is fairly new and seems to be being worked on. Something really may be about to start happening!

Application Detail​

Application:
Partial Permit
Status:
Under Review
Location:
215 LAKE SHORE BLVD E
TORONTO ON M5A 3W9
Ward 10: Spadina-Fort York
Application#:
19 173743 FND 00 PP
Accepted Date:
Jun 27, 2023
Project:
Mixed Use/Res w Non Res
Work:
Partial Permit - Foundation
Description:
Part Permit - Proposal to construct 3 new buildings - Building "B2' which consists of 182 dwelling units, 14 storey's, and retail at grade. Building "C+G" consists of one 49 storey and 15 storey combined building with 591 dwelling units and retail at grade, and Building "F" which consists of 374 dwelling units, 39 storey's and retail at grade. Scope of work includes 4 levels of below grade parking.

Examination Processes​

PP Zoning Review

Not Started
Zone - Other
Tamondong, Ray
Contact Info
PP Code Review
Aug 9, 2023
Closed
Click to expand...

Koops65 said:
49 floors? It grew?
Click to expand...
I've moved the preceding three posts to this thread because no, it didn't grow, all of the above is related to Phase 1, not Phase 2.

42
 
I was speaking to a lawyer yesterday. They mentioned that our case seemed like a clear case of fraud! The builders probably got a loan from a bank based on the money they collected from the investors and now are gone!!! They mentioned that it is possible that very soon the bank will move in and take over the property and after all fines, interests, etc. there will be nothing left for the investors...I really don't want to believe the lawyer
 
SeanSanjabi said:
I was speaking to a lawyer yesterday. They mentioned that our case seemed like a clear case of fraud! The builders probably got a loan from a bank based on the money they collected from the investors and now are gone!!! They mentioned that it is possible that very soon the bank will move in and take over the property and after all fines, interests, etc. there will be nothing left for the investors...I really don't want to believe the lawyer
Click to expand...

Two comments. First, while I am not an expert in the banking procedures associated with construction loans, my understanding is that when a builder obtains a financing commitment from a bank, at least from one of the majors, the bank does not advance the loan amount of the funds to the developer. As the invoices for the construction are received, and the builder writes cheques on the construction loan account, the cheques are, or should be, reviewed by the bank to ensure they are reasonable and proper for the nature of the work being done. If a developer tries to pay themselves or some other third party an unreasonable amount from the approved construction loan, the cheque would be returned. Otherwise the system could be so easily abused for fraud. Procedures may vary - but if a developer gets construction financing, it should not mean that they are simply able to walk away with all or a substantial portion of the funds.

Secondly, as a new developer taking over, it will take some time to get up to speed on a project which is already underway.. Budgets are reviewed in great detail, new bids will have to be solicited for the construction, prepared and submitted, evaluated, negotiated and contracted. For a project of this size, scale and complexity, not an overnight process.

So definitely not surprised that it is taking this amount of time to start to see physical activity at the site.
 
Last edited:
SeanSanjabi said:
I was speaking to a lawyer yesterday. They mentioned that our case seemed like a clear case of fraud! The builders probably got a loan from a bank based on the money they collected from the investors and now are gone!!! They mentioned that it is possible that very soon the bank will move in and take over the property and after all fines, interests, etc. there will be nothing left for the investors...I really don't want to believe the lawyer
Click to expand...
It is not really accurate to say that Greenland are 'gone'; the company still exists but is in grave financial peril and has been selling off many of its projects all over the world. Investors in the company are certainly suffering but a purchaser of a future home from a company is NOT an investor in that company. If a project is sold-off, the sale is usually of the land, the designs, the current 'permissions' plus the deposits made by purchasers. This project was bought by Pinnacle who are a large developer with many other projects and they have two choices. Proceed to build what the former company planned (probably value-engineered to death!) or cancel the project, return the deposits to purchasers and start again. It appears so far that they intend to build what was planned but we will doubtless find out sooner than later.
 
It is accurate to say Greenland Group Canada is history and that is what matters here. The parent Chinese company is far far away in a distant land still building bunches of supertalls

A sales contract is heavily favoured towards the developer. Otherwise, there would be an opportunity for buyers to bow out if the development's company or the partners behind the development company hit financial woes.
 
Last edited:
You must log in or register to post here.

Back
Top