Real estate industry sources say that a Toronto west-end condo project has been axed.
East Junction Condos, developed by Limen, has reportedly begun the process of returning deposits to buyers, according to a tweet published Monday by Re/Max Realtron Broker of Record, Brian Persaud. The inability to secure construction financing from multiple lenders is reportedly the cause of the condo’s demise, according to information contained in the cancellation letters.
This marks the first project cancellation in Toronto of 2020.
East Junction Condos just cancelled (278 units) buyers getting deposits back https://t.co/a6KdhBBvHC
— Brian Persaud (@BrianPersaud) February 3, 2020
Construction on the 278-unit building was expected to start between late October and early November of 2019, according to a notice on the door of the sales centre.
Filling the vacant site on Symington Avenue in Pelham Park, the project would have included a 16-storey tower attached to a podium and accompanied by two stacked townhouse blocks and one single-family home. The Limen development touted features like a rooftop terrace, 24-hour concierge and a modern design. East Junction Condos was anticipated to reach completion by September 2021.
Originally proposed in 2015, the project went through many design changes, including doing away with the initial two 17-storey tower design, before gaining zoning approval from the Local Planning Appeal tribunal in December 2018. Sales officially kicked off in summer 2018.
In 2019, there were eight condo developments that were either cancelled or became stalled in legal limbo.