03-06-2015, 10:45 PM
(03-06-2015, 01:16 PM)panamaniac Wrote: So I assume that Collins Barrow will ensure completion of the pending work at 144 Park, but that still leaves me wondering about the effect on 155 Uptown.
I would assume (and hope for the residents' sake) that The Region is holding securities against this development for uncompleted works, and as a condition of registration of the plan of condominium. One of the reasons municipalities hold securities on outstanding works in draft plans of condominium is for this very reason, and so that a future condo board isn't stuck with completing the exterior finishes such as landscaping, final layer of asphalt, lighting, etc if the developer goes belly up or leaves town once occupancy is given.
I've registered and draft approved enough condos in my time, and this is a standard practice across the board.