Harbourfront Condos and the beauty of the internet
One can take on any identity online. Still, I have faith that JRocca on Skyscraper Page Forum is John Rocca.
JRocca posted this about the Rocca waterfront condo project:
I normally try to avoid commenting on our projects unless there is something serious.
This story was done when I was out of the Country. CBC e-mailed me for a comment on the reason for the delay.I left canada on September 15h and returned October 8th.
Before leaving we advised the condo owners that the start of construction would be delayed until next spring and gave them the supporting information as to the cause of the delay.
The delay is attributable to Council in 2008 not realizing that it needed to vote on 2 motions included in the City manager's report that we all assumed they had voted on when they moved the motion to approve the rezoning.This oversight was discovered by the City Solicitor's office three business days before the purchase date of the land and too late to put the item on the agenda for that Monday's Council meeting.
The need to wait two more weeks to get the motions approved closed the window of opportunity to start and complete the excavation of the undergroung parking before winter freeze up.
We invited buyers to either a 'one on one' meeting or a group meeting after my return to answer any other questions or concerns they had.Most buyers preferred a 'one on one' meeting.Only 8 buyers asked for a meeting and we have met with 7 of them already [including those that were on CBC] .They are as disappointed as we are with the delays but the overwheling majority of them understand that the delays are for reasons beyond our control.
There is a point I would like to clarify about the article itself. Mary Dobson's last comment: "....He has a lot of people's money", has led some people to speculate that delays may be financially good for us.Nothing could be further from the truth.
Delays cost us a lot of money as we need to pay interest on the millions we have invested so far in the project.
We don't have access to the Purchasers' money to help reduce our interest costs.
The Purchasers' money is help in trust by the Law firm of Gilbert McGloan Gillis at the bank of Montreal in an interest bearing account earning interest for the Purchasers not us.
The deposits are only released to us at the closing date.And The closing date is scheduled for 60 days after the buyers are given occupation of their condos.
It’s too bad that we don’t all have the intestinal fortitude/confidence in bureaucracy as Irving Oil on its Long Wharf project (said with tongue firmly in cheek).
I understand why Rocca couldn’t proceed due to not owning the land, but thought this would be a good time to bring up the oddity that is Irving Oil driving piles before they own the land for their headquarters.
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