Thousands of home buyers in Toronto are once again devastated after another major condo development was cancelled. The Icona condo project in downtown Vaughan was cancelled and therefore it will not exist anymore. This project was to be composed of two buildings of 51 and 53 stories. It was to be the tallest tower in Vaughan and many people were excited about owning condos in this project. The exact location of the project was to be just a short distance from the modern Vaughan Metropolitan Center. There was to be twenty thousand square feet of retail space at the ground level of the project.
The Icona Condos project was being done by the Gupta Group which is the mother company to the Easton’s Group of Hotels. This is a huge company which has the ability to implement such a huge project. Consequently, many people had faith that the company will be able to complete the project within the stated time line. The project was announced in 2017 January and the buyers expected to move in some times in 2021. This cancellation now means that all the people who had bought the units will now have to look for alternatives.
The cancellation of this particular project is bad news for many people. This is especially because the demand for homes and houses has increased significantly in this area. This huge demand saw all the 1, 140 units which were available sell out in record time after the project was first announced. There is a lot of concern from many people especially considering that a similar project which was known as the Cosmos Condos project was stopped in April this year. Many people are wondering why such projects which were almost in the same place are being cancelled without clear explanations.
According to a local experienced realtor who wanted to remain anonymous, about twenty people who had bought units in this project have already received their deposits back. The website of the projects has been brought down. People are advised to send emails at email@example.com in case of questions and queries. But the emails that were sent to this provided address were not answered.
Upon being reached by phone the representatives of the Gupta Group have said that they do not have any comments at the moment. The buyers received letters which were identical and were stating that this Icona Condo project was cancelled because of certain circumstances which were beyond the control of the Gupta Group. The letter stated that the circumstances made the project un-financeable. This has left many people speculating the actual reason why the project was cancelled.
The fact that this is the second condo development project that has been cancelled within a few months has left many people wondering what is going on. When the first project was scrapped in April many people openly showed their frustration. It is also expected that many people will show their dissatisfaction because of this latest project being cancelled. Maurizio Bevilacqua who is the mayor of Vaughan said that he is not impressed by the Icona Condo project cancellation. He said that even if Gupta Group is citing financing problems as the reason behind the cancellation, he was concerned more about the many people who were hoping to get condos where they would live with their families and enjoy living in nice communities.