Caroline St Private Residences | 22 fl | Complete

[Spokes]

Caroline St Private Residences
155 Caroline Street, Waterloo
http://www.carolinest.com/
Developer: Van Mar Development

[rangersfan]

Has anyone heard any sales updates in regards to 155 Uptown?

[dubya]

Has anyone heard any sales updates in regards to 155 Uptown?

I have heard 60% to 70% from the sales agent at CondoLife. Know a few people in 144 and they have all been told construction will start in the Spring.

[schooner77]

We have heard the spring as well, but I wouldn't be surprised if 144 was still getting finishing touches at that point. There seems to be some dissatisfaction with the way construction was handled. There has been a rumour that Ellis Don is going to handle the construction of 155, but I'm not sure if that is the case.

[panamaniac]

Is the appointment of a receiver for 144 Park likely to disrupt the timing of a start on this tower?

[ookpik]

appointment of a receiver for 144 Park

Where did you hear that? 

[panamaniac]

A local real estate agent. Why, is it untrue?

[BuildingScout]

The Ontario Superior Court of Justice issued an Order dated January 22, 2015 (the “Appointment Order”), appointing Collins Barrow Toronto Limited as trustee (the “Trustee”), without security, of the lands and premises known municipally as 142, 144 and 148 Park Street and 21 Allen Street West in Waterloo, Ontario (“144 Park”), pursuant to S. 68 of the Construction Lien Act.

http://www.collinsbarrow.com/en/cbn/rest...4-park-ltd

[panamaniac]

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.

[mpd618]

The Ontario Superior Court of Justice issued an Order dated January 22, 2015 (the “Appointment Order”), appointing Collins Barrow Toronto Limited as trustee (the “Trustee”), without security, of the lands and premises known municipally as 142, 144 and 148 Park Street and 21 Allen Street West in Waterloo, Ontario (“144 Park”), pursuant to S. 68 of the Construction Lien Act.

http://www.collinsbarrow.com/en/cbn/rest...4-park-ltd

The application record linked from that page has a lot more background information.

[Drake]

Thank mpd618 for providing the link. The document appears to be a lawyer payday... look at all the firms listed in the document!

I wonder if:
The city regrets their decisions regarding the Iron Horse trail?
This will impact the sales at 155?
If 155 will really be built?
Anyone will notice the senior vice president swore under oath that 144 Park is in the neighbourhood known as Old Westmount?

[KingandWeber]

I guess this is all related to Mady undergoing some serious financial difficulties (see here). I really hope they pull through, or the rumour of EllisDon taking over comes true so this project can be finished. I don't live in Waterloo anymore, but last I was there that giant concrete wall facing Caroline was a bit of an eyesore. It would be nice to see it covered up soon with the 155 Park development.

Also, first time post but long time lurker...hope the first comment was a good one! 

[BuildingScout]

This boys and girls is what happens when you take a leisurely approach to time overruns: 144 Park, the Collier Centre in Barrie, 1 Columbia by Schembri. Just because sometimes you get away with it, you shouldn't make it a regular practice.

[The85]

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.

[panamaniac]

I'm pretty sure that the arrangements being put in place will ensure that the work at 144 Park will be completed, the condo corp registered and the remaining units sold. What I don't know is what might become of 155. The two are linked in my mind because I seem to recall that the visitor parking for 144 is to be in the podium that's to be built for 155. Not having visitor parking for your condo is not fatal, but it would be awfully annoying.