By Pepper Parr
September 10, 2015
BURLINGTON, ON
There will be shovels in the ground the first few days of January – and Jeff Paikin will start the next, and biggest phase of his career as a developer.
The three structure Bridgewater project, initially approved in 1985 and justified as a “landmark” project for the city, will rise to 22 storeys under the direction of a man whose first development project was a done more than 25 years ago, which was about when the city approved the project he is going to move into as a resident.
The hotel has had an additional floor added to it – shovels are scheduled to dig into the ground first thing in 2016 – now there is a photo op for you!
Paikin will be at the front of a project that will change forever the look and feel of the waterfront forever.
How this came to be is one of those extraordinary stories of drive, energy and a lot of luck that came about because Paikin decided to go for luxury and quality in a city he loves
There will be a Christmas party for the people who have bought about 60% of the units in the Bridgewater project. Paikin says he needs to be at 62% sold to have the financing he has arranged kick in.
Paikin said he would buy another unit if that’s what it takes to get past that magic 62% number. “Were at 60% with five in the pipeline” he said rather proudly.
The view of the lake from a passing car will be brief – the opening is reported to be 50 feet wide – not much more than a glimpse.
What Burlington now knows as the Bridgewater project isn’t something Paikin started and how it ended up in his hands is an amazing story.
Paikin was developing town homes for twenty years.
He was doing custom renovations, moved into high end luxury homes but “land supply changed the market” and Paikin could see that condominiums was where the growth was going to take place.
The day of the small bungalow market that resulted in the sprawl Burlington how has to contend with was a thing of the past.
The first project Paikin took on had 49 units – then 101 units then a 134 unit project – the progression was consistent. The 246 unit Vibe was followed by the 400 unit Mint.
Paikin focused on quality finishes and customization. He sees himself as “in touch with the market” and very much a people person.
Paikin is a big man – tall, imposing and available to anyone who wants to talk to him. This isn’t a developer who hides nor is he a man who suffers fools easily.
His office is in Hamilton, a stones throw from the GO station but his home and his heart is in Burlington where he doesn’t get upset at the profile the city has in the rest of the province – or the country for that matter. He believes Burlington’s objective is to maintain and protect the lead that it has – and in the eyes of Jeff Paikin Burlington has a great lead over other cities.
The Bridgewater project consists of three buildings – all are part of the project Paikin’s New Horizons corporation now controls. The hotel will now be a Marriott – it was originally going to be a Delta and open for the Pan Am Games – that date got missed.
The project has been littered with missed dates – Paikin sounds confident that the breaking ground in January is going to happen.
The buyers for the priciest condo property in town will be treated to a smash of a Christmas party – then the wrecking ball rolls in to level the space.
The sales office will be taken apart sometime after the Christmas party for those who have bought units.
How Jeff Paikin actually got the units is due in no small measure to the way the people at Mayrose Tyco think. In the agreement they put together with the Mady Group, the original builder’s, there was a “reputational risk” clause that allowed them to back out of the agreement if the reputation of the builder was at risk.
Mady ran into some problems with projects in Markham, Scarborough, Waterloo, Barrie and Kitchener – and sought protection from creditors – Mayrose Tyco invoked the reputational risk clause and according to Paikin asked him if he would take over the project – which he did.
Prior to the call from Mayrose Tyco, Paikin was thinking about building a new home in Burlington. His wife wanted something near the lake, Jeff wanted something that wouldn’t require much of a claim on his time.
They will see this from Hamilton – architects rendering of the Bridgewater project at night.
He liked the look of the Bridgewater project – he and his wife looked at the plans and decided that would be home for them. It was going to be the perfect empty-nest home for him and his wife.
Then he got a call in January: did he want to build the project?
The original builder, Markham-based Mady Development Corporation, had run into financial problems with projects – Paikin took over Mady’s position in a development partnership on the 0.7-hectare, block-long property between Elizabeth and Pearl streets just east of Brant.
Paikin was now pumped “The design is so fantastic and the location is probably the No. 1 location in all of Ontario, if not Canada, as a place to live.”
Prices start at about $400,000 and climb to about $3.5 million.
Paiken now has half of the top floor as his home – all he has to do is get the place built –
The 22 storey structure that is due to be built on the waters edge will forever change the look of the city. For the better?
Paikin says the transition from Mady to New Horizon on the Bridgewater project was fast and seamless. Burlington Ward 2 Councillor Marianne Meed Ward learned of the Mady problems one day and the next learned that New Horizon had stepped in.
The project has been deemed a “landmark” in Burlington’s official plan which some take to mean” “Any future development on Old Lakeshore Road or across the street needs to defer to the landmark and not overwhelm it.”
What a great place to make a sales pitch for a condominium that starts at $400,000
One hopes Burlington has a stronger position than that when they oppose the ADI Development at Lakeshore and Martha that is now before the OMB.
There are people in the city with fond memories of the Riviera – wonder where the sign went?
The site, in what has been designated the Old Lakeshore Road precinct, was once home to an ice cream shop and the Riviera motel, which was built in 1964 and changed very little before it was demolished in 2012.
The approvals for the Bridgewater date back to about 2006 – as a project it was first approved in principle in 1985
Finally! How fantastic downtown will be. Design is gorgeous.
Downtown Burlington needs more of this type of development. I applaud Mr. Paikin for his patience and perseverance. The proposed ADI development once approved by the OMB will also be a great success for the downtown core. With any luck, these two developments will trigger more of the same, and in time create a vibrant and exciting downtown core, more capable of supporting and enhancing the continually struggling shops that line Brant Street. The Province wants intensification, and expects our population to nearly double in the coming decades. The downtown core is the logical place for this to happen. As long as the building designs remain fresh and appealing, I am fully supportive. Well done.
This is great news for Burlington’s downtown/waterfront and actually will be positive for the ADI condo development which is progressing rapidly with their marketing plans. Obviously they are extremely confident of receiving OMB approval and if their track record is any indication, that approval will be forthcoming.