By Pepper Parr
June 16th, 2022
BURLINGTON, ON
FOR SALE
When completed the 7 tower development on Fairview west of Guelph Line and 400 metres from the Burlington GO would be the biggest development ever in the city’s history.
The proposed development has Brookfield Properties, InterRent REIT and CLV Group Inc. as the developers. CLV Group has been in the Burlington rental market for some time.
This however might not be the organization that puts shovels in the ground.
The site was For Sale with An advertisement appearing in the Globe and Mail this morning.
Follow up to come.
Deedee Davies and Penny Hersh have loyally followed the Gazette’s lead and jumped on a non-story. More often than not it is better not to say anything until you are really sure you’ve got it right. So the project is not for sale. The owners are instead looking to bring on another party to own and manage the condo portion of the project once built. Just like they have brought on CLV for the rental unit portion of the development. As I said, a non-story.
Editor’s note: If the advertisement says For Sale – then something is for sale. And that is news relevant to the community
This potential sale leaves me with concerns that the next owner may not be willing to abide by all the agreements made and that corners will be cut to protect profit margins.
It will be interesting to see who purchases this property.
The site where the Paradigm Development on Fairview is being constructed was purchased by the Molinaro Group from the original owner after the zoning was in place and ready for construction.
With interest rates increasing and the rise in inflation perhaps the timing is not right to start construction on this site. The present financial situation has put everyone on edge, and we are in for a “bumpy”ride.
Perhaps this will result in the slowing down of construction of the approved development applications in the downtown core.