One of Toronto's nicest new condos just went bust
Like so many other Toronto neighbourhoods, the Junction Triangle is growing and changing – which, while exciting, makes it prone to some growing pains.
Local design lovers are disappointed that the sweet-looking building, designed by architectsAlliance, won't come to fruition. Early buyers, on the other hand, are livid after sinking so much money – and time – into the project pre-construction.
About 150 people bought units in the 10 storey Museum Flats building (stylized Museum FLTS,) some of them for well over $1 million. In January of this year, Castlepoint noted on its Lower JCT blog that the entire building was nearly sold-out.
Now, the developer says that it has not"obtained the necessary approvals and a building permit."
"Despite our team’s best efforts and the expenditure of millions of dollars to launch this phase, lengthy delays in the approval process have made it now impossible to finance this building," reads a post on its website. "To those who purchased a unit, we are truly sorry."
But some buyers aren't buying the excuse.
Why should anyone thinking of purchasing from you now have faith that the project will be built, or their capital not be tied up in vain?— CraigJamesWhite (@castelmargames) November 1, 2017
"It seems that the true reason may be that this project is suddenly in a hot neighbourhood," wrote one purchaser on the Junction Triangle Community Group Facebook Page, suggesting that Castlepoint Numa would "would rather cancel, blame someone else, and re-launch for 30% more down the road."
Early buyers received notice of the cancellation on Friday, according to Museum Flats (almost) resident Anthony De Sa.
"Money and nominal interested was returned," he told us by email. "Very disappointed. No clear explanation was given. This is the second time this has happened to me [with Castlepoint.]"
Junction Triangle so "hot" that #MuseumFlts condo proj was cancelled Fri. Buyers left in lurch. Developer to later re-sell at higher prices?— Marie Boutilier (@mboutilier61) October 30, 2017
Castlepoint Numa says that remains "committed to the Lower Junction" and will advance construction on two other buildings within the project; the West Towns and the Auto Building. Both are scheduled for completion this spring.
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