06-24-2015, 11:03 AM
(06-24-2015, 08:56 AM)Drake Wrote: I had posted previously, but for review; I have heard from a planner at GSP that the two towers at the Barrel Yards that were supposed to be condos will be condos in the future. The reasoning behind them being built as apartments had to do with the financing. Apparently the way the financing works is that if the towers are to be sold as condos, the developer needs a certain percentage of units sold prior to the loan being approved and the project moving forward.
Seeing as the barrel yards is one big project I suppose the thought was the required condo sales could potentially hold the entire project up. The developer must have decided to proceed with them as apartments to start. That way the developer could bring their own financing to the table and obtain the required funds from the bank(s) etc to start the project.
It is my understanding that the condos will eventually be sold off.
How does that work then to sell rental units? Just wait until they're vacant and put them on MLS? How do condo fees and a condo corp work then? I'll be interested to watch it all unfold.