What’s with that development at the SE Corner of Queen and Pape?
UPDATE SEPTEMBER 2012: Great news! Rose and Thistle Group, a development firm in Toronto has recently closed on the purchase of this development and will finish the abandoned project by mid 2013. This is exciting news for the Leslieville community and a big win for community activists and local Councillor Paul Fletcher!
A question that I get asked almost every single day; “What the heck is that weird building on the South East corner of Queen and Pape” It’s a sad tale really. A new developer in over his/her head promising the world and delivering ZILCH. Buyer beware indeed! Here’s a brief history on that site:
Back in 2006 an eager new development company called ‘Total Site Works’ bought the fantastic site and quickly conceptualized the Film Studio Lofts promising purchasers they could ‘Live in the Spotlight’! Sounds dreamy doesn’t it? Well with super attractive pricing and a world of promises buyers quickly bought up each and every unit.
Shortly after pouring the foundation the developer realized that unless you had lined up your construction companies all trades, trucks, nails and hammers were banging away at other sites. To attract builders it was going to cost more to build the homes than they actually charged purchasers. Yikes!
What happened to all of the purchasers and their deposit money you ask? It’s important to remember that when a development goes belly up your hard earned deposit money doesn’t just disappear. When you purchase in a new development your deposit money (sometimes as much as 20% of the purchase price) is held in trust by the developers’ lawyers. This money is untouched and is always returned in these cases, unfortunately without interest. Worst case is, you may have missed out on other development opportunities while waiting for your money back.
The site lay dormant for a year. The foundation filled up with water and looked abandoned. Every now and then I’d notice a trade hammering away and slowly the building went up, got windows installed and finally started looking like something. Rumor had it that Symmetry Developments was taking over the project but they weren’t able to come to an agreement with Total Site Works and now it looks like slowly but surely the original Developer; Total Site Works is going to complete their original vision.
Here’s a rendering of what Symmetry developments was going to do with the site, wish they had taken over, looks great! Not sure what the finished product will look like now but as soon as an updated rendering becomes available I will update this blog and re post.
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