The MarketTown sales office, which was closed in January, is being dismantled and its site prepared for hydroseeding.
“My understanding of the situation is PenEquity is in charge now and they will be in touch with buyers fairly soon to refund deposits,” Ward 3 Coun. Doug Shipley told The Advance.
Calls to PenEquity were not returned.
The MarketTown condo sales office closed in January, while owner Mady Developments sought court protection for the Collier Centre project, located across the street from City Hall. Fortress Real Developments is buying the downtown project. The deal is scheduled to close Aug. 25.
Also in January, Mady told MarketTown buyers in a letter the downtown project’s troubles, caused by sub-trade defaults and bad weather, were impacting the company’s ability to get working on MarketTown. MarketTown units went on sale in 2010 and were to be ready for occupancy by late 2014, a date subsequently extended to April 2016.
MarketTown was to be the residential element, 196 units in two six-storey buildings in a larger development on Cundles Road East near Duckworth.
“It would have been great for the community,” said Shipley. “Some people bought these (condos) four or five years ago and their lives have been on hold. I can see the disappointment on people’s faces. It’s a real shame.”
Mady had sought court protection for several projects, but MarketTown wasn’t among them, an Office of the Superintendent of Bankruptcy search revealed.
Article by Laurie Watt on August 7th, 2015, Simcoe.com.