Luxury condo development cancelled, more than 1,000 buyers in limbo
Published Wednesday, September 19, 2018 6:48PM EDT Last Updated Wednesday, September 19, 2018 7:50PM EDT
A new condominium development in the City of Vaughan has been cancelled, leaving more than 1000 buyers in limbo, according to a letter obtained by CTV News Toronto.
Condo buyers were sent a letter by Icona Developments Inc. saying that the high-rise complex being built near Highway 7 and Interchange Way had been terminated.
“It is with tremendous regret that we must inform you that the Icona project has been cancelled because of circumstances beyond our control that make the project un-financeable,” the letter reads.
“We are extremely disappointed with having to cancel the Icona project after years of hard work and considerable expense. We are grateful for the support that the Icona project has received from the broker community, key stakeholders and, more importantly, our customers.”
Buyers were sent the letter on Sept. 14 along with a cheque totaling the sum of their deposit.
According to a presentation video, the condominiums were being touted by the developer as “the jewel of Vaughan” and “a modern day icon of luxury living.” The buildings were being designed to feature spectacular views overlooking the city.
In February 2017, people lined up to get their hands on one of the over 1000 units.
The building was supposed to be open to residents in April 2021.
Management of Icona Developments Inc. released a statement Wednesday afternoon, saying that they were “saddened and disappointed” to cancel the project.
“After years of hard work, considerable financial investment and unwavering support from our various stakeholders, we are extremely saddened and disappointed to have to cancel our ICONA condominium project in Vaughan, ON, because of circumstances beyond our control that make the project un-financeable,” the statement reads.
“We take great pride in our core values of delivering quality development products and interacting with our customers, suppliers and agents respectfully, with honesty and integrity. We have refunded purchaser deposits in full and without delay.”
A spokesperson for the mayor of Vaughan said that the city was not formally notified of the cancellation of the project.
“To have heard about it through the media is extremely unfortunate, and we are now looking into the matter. I am concerned about the people who had purchased a condo here in Vaughan where they could grow and build their lives in our community. This is disappointing and a poor way to do business in our City.”