A Halton Hills project was recently cancelled, prompting a lot of questions.
One of the biggest questions was why?
On Dec. 4, according to a recent press release, the Town of Halton Hills learned that the McGibbon Hotel project would be cancelled.
In 2015, SilverCreek Commercial Builders Inc. submitted an application to amend the Town of Halton Hills Official Plan & Comprehensive Zoning By-law in order to construct a residential condominium.
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After negotiations, an agreement was reached with the municipality regarding details for constructing a 10-storey, 125-unit residential condominium.
The agreement was approved by the Ontario Municipal Board.
This condominium building was to be located at 79 Main St. S. in downtown Georgetown.
Since its approval, town staff had been working with SilverCreek to move the project forward.
The reasoning for this cancellation was that the project was ‘un-financeable.’ This information was revealed in a correspondence that was issued to purchasers. It has been noted that anyone who had previously purchased units will get their money back.
According to the Halton Hills official website, “Buyers were provided formal notice that their Purchase Agreement was terminated and that they will receive their refunded deposits shortly by registered mail.”
The news of this cancellation, and lack of communication with the town, left Mayor Rick Bonnette quite upset.
“I’m extremely disappointed,” Mayor Bonnette said in a recent press release.
“There was no discussion with the Town prior to the notice going out to the buyers and being made public.”
Currently, the town is not aware of any future plans regarding this project but if the project were to be sold, Mayor Bonnette said that the town would work towards attracting another developer.
“First, I firmly believe that a development like this in downtown Georgetown is the right thing for this community and I want to see it completed,” Mayor Bonnette said in a recent press release.
“Secondly and equally important are the buyers who invested in this project in good faith and laid down good money with the idea of living in downtown Georgetown. I can’t imagine how upsetting the news of the cancellation is to them. I encourage the principals of the project to communicate regularly and openly with the buyers to assist them as much as possible.”
Any further questions about this cancellation can be directed to SilverCreek via email: [email protected]