11-06-2018, 06:39 PM
Before a shovel is put in the ground, whomever gets approved to build needs to buy the land from the city first, or financing to begin construction will not be obtainable. That could have been an underlying reason as to why Perimeter backed out as well (land value too high?). Developer financing is secured using the land as collateral, hence why when builds go under water, the 1st lender in place looks to sell off the land and whatever is on it to recoup funds. My OMB factor comment was mainly due to how slow issues will now take to resolve with OMB shifting to the new LPAT council system. Think of it similar to how Doug Ford slashed TO city council, but 3x worse. If anyone files a claim against the project once proposals hit the ground, 2 year wait minimum. You though 100 Victoria's hold up was brutal....