Pace of large projects may slow down
(Source: Daily Commercial News)
Creditors have reached a deal to buy time for the developer of a luxury 80-storey condominium development at a prestigious Yonge and Bloor location to secure the financing to get the project off the ground.
“We anticipate paying off that debt obligation and successfully resolving what has been a challenging situation for Bazis, a large number of buyers and commercial and retail leases at 1 Bloor,” says Michael Gold, head of developer Bazis International.
The fate of the venture, however, is far from certain and serves as a dramatic example of how the credit meltdown has impacted the sector and, as high-profile realtor and developer Brad Lamb put it,“how the rules were changed by the banks halfway through the game.”
And that may hit construction as the pace of large condo and hotel construction slows as a side effect of the financial sector meltdown.
Read Ian Harvey’s full article “Changing bank rules hit signature condo project in Toronto ” in the Daily Commercial News (July 30, 2009).