Torstar has a interesting story on the Union Lofts church condo conversion, by one of the paper most hawkish reporters

 

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Full Torstar story here, a bit below,

a older post on this blog on the project here

Buyers in the Union Lofts church-condo conversion waited through years of construction delays only to be told their purchases were cancelled. Now the developer is reselling at a higher price.

Although the original purchasers of Union Lofts are getting first right of refusal and a $20,000 discount off the new offering, one buyer said he expects his unit will have a price tag more than $100,000 above what he paid.

Buyers need to know if the builder has an out if it can’t complete the project.

“There’s some escape clauses in the agreement, which are there to protect both the builder and the purchasers against certain situations that can happen,” said lawyer Ted Charney, who specializes in real estate class-action suits.

Sometimes those clauses are abused.

“But, in other circumstances, if the clause is in the agreement and it was properly negotiated and it was relied on in circumstances where it legitimately should be, one of the risks of buying these condos is, years down the road, you could just end up with your money back,” Charney said.

The developer, http://www.unionlofts.ca/,

Union Lofts combines the old and the progressively new in the coveted west-side neighbourhood of Toronto. In this project, Windmill repurposes a former Church into 40 contemporary units infusing a new, modern style to compliment the heritage architecture of the legendary community. logo_en_windmill

The existing building is retrofitted to the highest green standards of healthy living, designed not only to stand the test of time but also to defy the high energy costs of the future.

The companies web site

Windmill Development Group (“Windmill”) is a visionary company dedicated to transforming conventional development practices by using a triple bottom line approach to our projects. This ensures that strong ecological, social and financial returns are achieved in all of our projects. Everything that we do is conceived, designed and constructed to protect and enhance the local community and its ecosystems.  We harness innovations in land use, water, air, energy, design, waste management and smart building technologies to create healthy, high-performance green buildings and communities.

The founders of Windmill have held prominent positions in the Canadian design, construction, brownfield and green real estate industry for over thirty years resulting in an unmatched value proposition when it comes to responsible urban infill and property revitalization.

People Planet ProfitsChanging the Paradigm

We believe that developers have a responsibility to be positive agents of change, and are committed to changing the current development paradigm. We are doing this in a variety of ways. We strive to be the driving force behind the creation of a landmark portfolio of “green” real estate that demonstrates competitive advantage over the conventional real estate model for the long-term.  We are providing positive and achievable examples of how development can, and should, be happening.

 

Strategic Market Positioning

By positioning ourselves early in this evolving industry, Windmill holds considerable first mover advantage when compared to conventional developers. Windmill offers private landholders, government land administration agencies and other potential joint venture partners this whole system, green expertise – a value-add proposition few are able to match.

What Makes Windmill Unique

Learn what makes Windmill unique in the development world, what values drive our team and why our partners and clients choose Canada’s Greenest Developer. Beyond our green initiatives, this video explores the company’s world-class reputation for being a rigorous and holistic driving force in sustainable real estate.

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