Toronto The Vic Towns | 16.52m | 5s | Solotex | Gabriel Bodor

Official letter has been sent out pushing back Occupancy from Jan 2021 to Aug 2021. Also, while the site has clearly been blocked off and buildings are boarded up, no official timing for the start of demolition/construction at this point.
 
GTEhh said:
Official letter has been sent out pushing back Occupancy from Jan 2021 to Aug 2021. Also, while the site has clearly been blocked off and buildings are boarded up, no official timing for the start of demolition/construction at this point.
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Sales office has been abandoned. No one is returning calls or emails. The developer has NO construction financing or any financing to move forward since they were being financed by Fortress. Same financed group who are being investigated by the RCMP for mortgage fraud. Been pushed back now 9 more months. I don’t believe this project will surface to construction.
 
/\ LOL

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Any idea what is going on with this? What about buyers? Their money is in a trust account but the issues with Fortress look like the construction will never surface.
 
Vesting order has been issued to transfer ownership from Solotex / '1682 Victoria Park Avenue Inc.' to Plazacorp Investments Ltd / ' Victoria Park-Draycott Townhouses Corp.', presumably the purchaser identified by the assigned receiver. Not a lawyer, but from what I can tell the purchase agreements from prospective purchasers of units in this development are preserved in this transaction (see pgs. 18-19 of Application Record).

Application Record:

Vesting Order:
 
GTEhh said:
Vesting order has been issued to transfer ownership from Solotex / '1682 Victoria Park Avenue Inc.' to Plazacorp Investments Ltd / ' Victoria Park-Draycott Townhouses Corp.', presumably the purchaser identified by the assigned receiver. Not a lawyer, but from what I can tell the purchase agreements from prospective purchasers of units in this development are preserved in this transaction (see pgs. 18-19 of Application Record).

Application Record:

Vesting Order:
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Any idea when this construction will start ... are we getting possession of our property in promised time which is aug 2021?

Thank you!
Supriya
 
Supriya Memane said:
Any idea when this construction will start ... are we getting possession of our property in promised time which is aug 2021?

Thank you!
Supriya
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No clue, but I can't fathom how the project would be ready for August 2021. Full transition has to occur to the new developer, then they will have to decide whether or not they are still building according to the original plans, and that would require building permits to be issued (which they are not yet). I imagine it would take at least a few years from the start of demolition until the current project would be move in ready. If they decide to build something different or alter the existing project that should only cause additional delays. Then there's also COVID to consider... Maybe best case scenario is late 2022?

This is all pure guesswork on my part though, I'm no expert on this stuff, just trying to be realistic.
 
Has anyone heard of any updates? My agent told me that in this type of cases the new builder typically sends out some notification following some decision they make on what to do with it, but so far nothing. I'm not even sure what the "reasonable" amount of time to wait for this is, not that there's anything you can do as a purchaser during that time...
 
Drove past the site today and it was in the process of being demolished. Additionally, the official website is back up (https://thevictowns.com/) after going offline since ~January and has some minor changes to reflect that demolition has begun. Odd that the website still indicates it is a Solotex project, but I'm not sure what occurs on the public front when a project is purchased from receivership.
 
GTEhh said:
Drove past the site today and it was in the process of being demolished. Additionally, the official website is back up (https://thevictowns.com/) after going offline since ~January and has some minor changes to reflect that demolition has begun. Odd that the website still indicates it is a Solotex project, but I'm not sure what occurs on the public front when a project is purchased from receivership.
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Thank you for the update! We had no idea about this.
Any idea how long it’ll take to be done ?
 
Menbu said:
Thank you for the update! We had no idea about this.
Any idea how long it’ll take to be done ?
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Can't really say. I don't have a good sense of how long it takes to go from demo to closing for these types of projects, maybe others here do. Also, it looks as though the final building/foundation permits have still not been issued, so I'm not sure how much additional time that could add to the process:

New Building.PNG

Foundation.PNG
 
I am assuming many of you have invested in this property like me. Are you concerned? I am worried with the progress, esp. in light of the receivership news, etc. Unfortunately no recourse. Has anyone tried to reach out to the builder (old owner? - I have an he's been very curt/rude)
 
GTEhh said:
Drove past the site today and it was in the process of being demolished. Additionally, the official website is back up (https://thevictowns.com/) after going offline since ~January and has some minor changes to reflect that demolition has begun. Odd that the website still indicates it is a Solotex project, but I'm not sure what occurs on the public front when a project is purchased from receivership.
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I was wondering if anyone has any new info about this project when calling up the sales Center,they mentioned that they demolished the area,but now because of the emergency shut down construction has been stopped.the receptionist claimed that solotex would still be building it. Will any info be put out that plazacorp has taken over the site and is their any way to confirm this? Lastly if anybody is realtor purchased did the builder ever pay his advanced commission as promised?
 
SB84 said:
I am assuming many of you have invested in this property like me. Are you concerned? I am worried with the progress, esp. in light of the receivership news, etc. Unfortunately no recourse. Has anyone tried to reach out to the builder (old owner? - I have an he's been very curt/rude)
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One last thing I was wondering if anybody knows if plaza Corp will honour the previous agreement in place.
 
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