Elevate Condos (1333 Weber St E) | 15, 15, 12 & 12 fl | U/C

[Joedelay Highhoe]

I can confirm there's no crane erected on-site. There was one sitting idle for the past few months, but they took it down last week.

[ac3r]

Well that's odd. Maybe half of it was grey? When I was nearby they had a big red crane and a bunch of grey segments. Half were on the road and there were maybe 2 assembled. I was watching for a bit and they were raising one piece so I thought they were assembling a new one.

I assume this project will be sitting dormant for a bit, then, at least until they can get their finances in order.

[Coke6pk]

Niagara Falls had had this stump for at least 15 years

https://maps.app.goo.gl/1gfY35c68rsPHRej7?g_st=i

At least it wasn't the Fountainbleu in Las Vegas...

   

Under construction since February 2007....

[bravado]

Looks like this property is now in receivership:

https://www.ksvadvisory.com/experience/c...411ontario

[ac3r]

I wonder how long it'll take to get the construction started again.

[Chris]

Our own Fountainbleau North!

[neonjoe]

Leaky Kitchener condo tower stalls before completion, leaving a legal, financial mess
https://archive.ph/nXsHf

[Chris]

Leaky Kitchener condo tower stalls before completion, leaving a legal, financial mess
Tower is 80 per cent complete at 15 storeys, but lacks a watertight roof

From the Record. https://archive.ph/nXsHf

This has turned into a bit of a mess. Hopefully someone can turn this around and get it back on track.

[tomh009]

Leaky Kitchener condo tower stalls before completion, leaving a legal, financial mess
Tower is 80 per cent complete at 15 storeys, but lacks a watertight roof

From the Record. https://archive.ph/nXsHf

This has turned into a bit of a mess. Hopefully someone can turn this around and get it back on track.

And for people thinking about condo construction financing, they had collected an average $92K down payment for some 500 units--so about $46M--but could still not complete the first tower.

[Joedelay Highhoe]

Makes me wonder how much it actually costs to build such a development. $46MM in down payments and apparently $64MM in outstanding loans. That's just $110MM right there, and I assume that doesn't include financing for towers 2-4. Can anyone shed some insight into the cost of development for a project like this?

[taylortbb]

The $46MM in down payments would likely have been held in trust by a law firm, that's how it worked for Charlie West, and I think it's a regulatory requirement.

So that money isn't actually available for construction, though it's strong support for a loan.

[tomh009]

The $46MM in down payments would likely have been held in trust by a law firm, that's how I worked for Charlie West, and I think it's a regulatory requirement.

So that money isn't actually available for construction, though it's strong support for a loan.

Right, it would be security for the actual construction financing.

[CP42]

Makes me wonder how much it actually costs to build such a development. $46MM in down payments and apparently $64MM in outstanding loans. That's just $110MM right there, and I assume that doesn't include financing for towers 2-4. Can anyone shed some insight into the cost of development for a project like this?

Vanmar lists the budget for each of their projects on their website for reference: https://on.vanmarconstructors.com/projects/

[ac3r]

This project is up for sale.

[tomh009]

This project is up for sale.

Offers to be submitted by 3 PM on 2024-01-30.