Quote:Mady Group sought the trustee appointment after defaulting on its mortgage.

Of the 149 units in the 19-storey building, 129 are sold and owners have been in their residences for several months. But after liens were registered against the property Mady was unable to close the sales and provide purchasers with their title documents.

Two penthouses, 15 apartment units and three townhouse units had not been sold as of January.

Between October 2014 and Jan. 15, $3 million in construction liens were registered against the property by 17 contractors.

The trustee will finalize the condo sales, finish registering the plan of condominium with the Region of Waterloo and City of Waterloo and hire a contractor to complete the necessary work on 20 unfinished units that would allow them to be sold and the money used to settle debts.

(03-11-2015, 10:16 AM)ookpik Wrote: The Record: 144 Park project in Waterloo runs out of money 

No word on the status of 155.

(03-11-2015, 10:34 AM)ookpik Wrote: What's WRC?

(03-11-2015, 10:22 AM)zanate Wrote:

(03-11-2015, 10:16 AM)ookpik Wrote: The Record: 144 Park project in Waterloo runs out of money 

No word on the status of 155.

What a fantastic opportunity to correct a mistake, preserve the Iron Horse trail alignment, and shape a better development plan for the mud parking lot.

Also a risk. Mady added a lot of lipstick to their porcine plan to make it acceptable to council in the face of stiff public opposition. But, if the land swap has already taken place (has it?) a new developer may come in with their own potbelly and not bother even with the lipstick.

(03-11-2015, 10:37 AM)panamaniac Wrote: We are. 

(03-11-2015, 10:22 AM)zanate Wrote: What a fantastic opportunity to correct a mistake, preserve the Iron Horse trail alignment, and shape a better development plan for the mud parking lot.

Also a risk. Mady added a lot of lipstick to their porcine plan to make it acceptable to council in the face of stiff public opposition. But, if the land swap has already taken place (has it?) a new developer may come in with their own potbelly and not bother even with the lipstick.

(03-11-2015, 11:40 AM)nms Wrote: I expect that that ship has sailed.  The value of the land has likely gone up since the City swapped the land.  The only way that the City would end up with the land would be if there were back-taxes and fees owed that were greater than the value of the land itself.  I expect that you'll see the land sold to another developer and the proceeds used to pay off the various creditors including the City.

(03-12-2015, 03:51 AM)mpd618 Wrote: But the value of the Iron Horse Trail alignment itself is only there if a development is integrated with 144 Park. If it's a brand new unrelated development, then it might as well swap the land back to the city or otherwise rethink the alignment.