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.
Questions? Comments? Please leave a message below.
7 Responses to “What’s with that development at the SE Corner of Queen and Pape?”
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Hey Ara
I was wondering, actually. That’s very sad though
And horrible for buyers – imagine putting down 20% on your potential dream condo and being stuck in limbo until things are figured out. Do a lot of these new condos end up making deals with individuals directly or do they work through real estate agents?
Maybe I’m a little biased but I always believe in contacting a REA before making a decision, especially in regards to a new development.
Hi Margarita,
Thanks for the question. This is an unfortunate situation and quite rare. Seems to happen more often with smaller developments by newbie developers.
A good Real Estate Broker or Sales Representative will be able to negotiate a solid contract for you and even help to adjust the deposit terms, research the developer, floor plan and get a good Real Estate Lawyer to review the contract. But we can’t protect buyers from this type of situation.
Most new developments market heavily to Brokerages to attract their clients and offer great incentives to our clients. Of course there is the odd buyer that will walk in to the sales centre (most hot developments sell out before there is even a sales centre) and buy direct but they don’t realize savings that way. It’s very important to have a licensed professional in your corner when buying.
Bottom line; Research the developer and be realistic about timelines. 99% of the time things will go smoothly but as we have seen it’s always the 1% that give an industry a bad rap!
Thanks again for the message. Happy Sunday!
We were condo-shopping for my mother-in-law back in 2007 and looked into this building. We called the developer to ask some questions but it was clear that they did not have a lot of the details worked out yet. I’m glad I listened to my gut-feeling that this building would not fly, otherwise she would still be living with us. Instead, we found a fantastic spot in the St. Lawrence Market area, and everyone’s happy.
It looks like the project has been abandoned once again.
Any updates?
Hi David,
The project was never restarted. Still at a stand-still. Seems as though the developer isn’t able to do anything at the moment due to lack of funds, lawsuits (likely) etc…
Councillor Paula Fletcher recently proposed an “Unfinished Business” bylaw that would put more pressure on developers to either finish or sell in this type of situation. At this point the project will likely remain as is for a few more years.
Sad, but true. I will post any updates as they become available.
How many units were to built? An enterprising group of citizens might be able to purchase this and have it continue on.
Hey Pat, thanks for the comment! Great news about this development. A developer called Rose and Thistle has recently purchased the building and will be starting construction on 8 condo units and 2 mail floor retail spaces within a few months. Amazing news for us local Leslievillians!