Mode Lofts | Approved | ?? st | ??? m | Downtown

[hedi]

I noticed Cresford's Mode Lofts, which has been in sales for about 3 years (with just over a 100 units) was not listed in the condo section of last week's Star. Did Cresford cancel the project? It seemed to be stuck at 50% sold for a couple of years.

[current]

In the latest Condo Guide Magazine on the last page there is a Cresford ad listing all of their projects including Mode Lofts indicating that "Construction Starts Spring 2007". There is not a lot of time left because in only a few more weeks spring will officially be over.

[kettal]

The developer was shot and the architect died of smog.

[bar1967]

LOL!!!!!!!!! :lol:

[phunky]

hahahaha oh my.

[valantino]

noticed Cresford's Mode Lofts, which has been in sales for about 3 years

try 1 year at most

[valantino]

The developer was shot and the architect died of smog.

classic

[gei]

try 1 year at most

definitely more than a year... as i visited the sales center more than a year ago.

in fact when i visited then, they were offering free parking spots because sales were apparently slow

seemed like a nice building... prices were very reasonable.. wonder why its not doing so well.

[Waterloo_Guy]

Did you see Big City Broker when Brad Lamb was talking about how hard it was to sell and how the whole project is a marketing disaster?

[valantino]

^never seen the show

definitely more than a year... as i visited the sales center more than a year ago.


time flies I guess (but will place money on it not being close to 3 years)

[wannabeplanner]

I am sure its still going ahead! My contact at Cresford told me that they had to put the sales on hold because they are getting final approval and they are making some changes to the plans of upper floors.. Sales center should re-open in couple of weeks... ( although I have heard the same answer for the past few months now)

Oh, and yes its defitnetely been in sales over a year. ( I baught my unit last June and it has been on the market for about six months at that time)

[Taller, Better]

I noticed Cresford's Mode Lofts, which has been in sales for about 3 years (with just over a 100 units) was not listed in the condo section of last week's Star. Did Cresford cancel the project? It seemed to be stuck at 50% sold for a couple of years.

Gee Heidi, do you get the Toronto Star delivered to your house in Portland, Oregon? :lol:

[current]

For several months Cresford was advertising Mode Lofts as "Construction Starts Spring 2007". In the latest issue of Condo Guide Magazine on the last page it has been changed to "Construction Starting Soon", so there has been a delay.

[wannabeplanner]

does anyone have any news about this project? I baught this about a year ago and the sales office has been closed for about six months now... I was told it will re-open this summer and construction will start by fall. Well its almost fall and nothing is happening at the site

[Dream Brother]

Depeche?

[thryve]

Wow, we'll be desperate for condo names by the time they do a "Depeche Mode" Condo. Hehe.

[Dream Brother]

Wow, we'll be desperate for condo names by the time they do a "Depeche Mode" Condo. Hehe.

I want to build a tall wiener shaped tower and call it The Schneider.

[A123456]

HI ALL

RE: MODE

I HAVE SOME INSIDE INFORMATION THAT MODE WILL BE CANCELLED. IT IS SIMPLY A MATTER OF NOT BEING ABLE TO SELL ENOUGH UNITS WHILE THE COSTS OF BUILDING THE UNITS HAS RISEN - IN OTHER WORDS, A COMPLETE MARKETING DISASTER. I BOUGHT INTO THE PLACE OVER A YEAR AGO AND WOULD LIKE TO GET IN TOUCH WITH OTHERS THAT HAVE BOUGHT - THEY SHOULD NOT AND WILL NOT GET AWAY WITH THIS.

THX

[A123456]

HI MATE - SEE MY MODE CANCELLATION POST

[gei]

phew... thank goodness I didn't buy there.

The prices did seem quite cheap actually. For example 255 adelaide down the street was about 15k more expensive for a pretty much identical unit

[sumbodyhelp1]

Heard about this thread from another message board, urbantoronto.ca, anyhow, here's what I wrote on that board today.

"Just spoke to someone at Cresford. I know, I actually got somebody on the phone. They told me now that they would have an answer by tomorrow morning about the status of the building. The City is giving them the final word on the plans. I was told that the top 3 floors were not approved by the city, meaning, they might not even be allowed to build the top 3 floors. This would make or break the building as I'm sure the pricing is based on 11 floors, not 8. What makes me angry is that these contingincies for approval were either not conveyed at the time of purchase or very cleverly hidden in the purchase agreement. I'm so pissed. "

[DSYL]

I also have been trying for the last 4 months to get someone to talk to at Cresford but to no avail. I got back an email last week from Cresford and it says that an update will be mailed to Mode purchasers in the following week. That was two (2) weeks ago. Looks like we got screwed!Heard about this thread from another message board, urbantoronto.ca, anyhow, here's what I wrote on that board today.

"Just spoke to someone at Cresford. I know, I actually got somebody on the phone. They told me now that they would have an answer by tomorrow morning about the status of the building. The City is giving them the final word on the plans. I was told that the top 3 floors were not approved by the city, meaning, they might not even be allowed to build the top 3 floors. This would make or break the building as I'm sure the pricing is based on 11 floors, not 8. What makes me angry is that these contingincies for approval were either not conveyed at the time of purchase or very cleverly hidden in the purchase agreement. I'm so pissed. "

[sumbodyhelp1]

Here's a post from the other forum -

"I think this issue goes back to the set-backs for the higher floors. 455 Adelaide was approved with ten floors only with set-backs from the seventh floor up.

Actually, the whole issue with height is a little odd in this area. There are buildings in the planning stages for the north side of King which exceed ten storeys in height. Yet on Adelaide, proposals for the south side are restricted to eight floors. If the issue is sunlight, then why would buildings on north of King have to be lower than those on King?"

I didn't get my update today, still waiting for them to write back. You think they are at all liable for things like this? I didn't think buying a condo was that much like gambling. I thought all we had to worry about was whether they could sell the minimum to start digging, I didn't think there would be this many contingincies.

[wannabeplanner]

Hi I am a purchaser as well.. Very annoyed with Cresford at the moment.... They seem like some fly by night company.. Here is someone's post at Quadloft.com

"Mode project is off as it was originally planned. City rep has advised that they have killed the existing project due to height and sightline requirements not being acceptable. Project will be completely redesigned, remarketed and sold. Existing buyers will be given first right of refusal on new building with current sales agreements cancelled.
Cresford just cannot buy a break. They got screwed on this one but at the same time should have had this stuff cleared at final design stage. They suck."

[current]

The same thing could happen at M5V because the proposed building is much higher than the zoning allows. It is on the south side of King St. and it would cast a large shadow. The problem is when a developer is selling condos in a building that is not approved. It is very bad if they do not mention this to the new condo buyers.

[sumbodyhelp1]

Hey guys, here's a link to the city ruling back in April. Basically the city would not approve the planned building height of 38.45 metres, instead, they will allow 34.6 meters, so Mode will have to lose an entire floor. According to current city by-law for this area, a building should only be 29.6 meters max height. So the city is already giving Mode an extra 5 metres. There are many older buildings in this area are taller than that right now, so doesn't really make sense. I'm wondering if this project can still go through without the extra floor. I think we should all consult with our lawyers to see if provisions for this contingency were included in the purchase agreement. I think the developer would be covered for things like this eventhough they are clearly negligent.

I think they went back recently to present new plans to the city, I'm keeping hope alive that they were maybe successful.

http://www.omb.gov.on.ca/e%2Ddecisions/pl060421%5F%231014.pdf

[wannabeplanner]

just went on the cresford website and guess what? MODE is not listed anymore as a current project.. Things aren't looking good for us! SUMBODYHELP, did you get your letter yet? WTF is going on with these morons at Cresford? Apparently the guy in charge of Mode at Cresford's name is Paul something and he has not returned any of my calls yet...( and I left quite a few!)

[sumbodyhelp1]

go to this thread in another forum, we have about 4-5 purchasers there looking for answers as well. Let's see if we can prove some sort of negligence or bad faith on their part, only way we have a chance. I spoke to Paul once myself and got an email from him once. Haven't heard from him since.

http://www.urbantoronto.ca/showthread.php?t=6464&page=3

[A123456]

....Hi - we are organizing a group of 'buyers' at mode to explore our options and gather all info:

Good Idea re: other order boards
- If people can pass along the email
mode09152007@gmail.com to any buyers in the mode project, that would be a good start - all feedback welcome......

[current]

November 9

www.lofts399.com

Work is taking place at the former Mode site. It is now called Lofts 399.
http://farm4.static.flickr.com/3197/3016825653_bf8c7df9c4_b.jpg