09-10-2020, 09:10 PM
(09-10-2020, 03:48 PM)westwardloo Wrote: This is an unfortunate cancellation. I really liked the look of these buildings. The units were a decent size too. It seems weird that it has been cancelled, since the first phase sold out rather quickly. The development company must have some financial issues going on. I wonder if they will try to sell the land to a developer. Maybe the city would be interested in purchasing it and developing a decent sized urban park. I am sure the site will have something planned for it sooner rather than later. It is a great location.
This could be the case, yes. I do think they sold enough to qualify for a construction mortgage, but the developer must self-finance a significant portion, 30-40% if I recall correctly. It's quite conceivable that Activa's cash flow (in the current economic situation) no longer enables them to proceed with this, and they have chosen to retrench and ensure the future of the company.
As for an urban park space, I think it's a nice idea but I can't see it happening given the city's current financial situation.
With luck, we might see a new project announced there within a year. Might take longer than that, though.