Posted Apr 23, 2010, 1:09 PM
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Mooderator
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Join Date: Jan 2002
Location: Aylmer, Québec
Posts: 21,354
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Great, we're going to be stuck with this unfinished pile of crap for how long now?
http://www.bulletinaylmer.com/archive/2010/2010-03-31/autres.html
Quote:
Unfinished apartments sit like a lump in Aylmer’s heart
Lily Ryan
Years ago an aging apple orchard was cut down to give space for 260 seniors’ apartments. Following complex financial dealings, the site now holds no apple trees and no apartments.
The complex of unfinished apartments behind the Residence le Monastère in centertown Aylmer has no future. Started in May of 2008, the building was supposed to house 259 independent living apartments for seniors, to be completed in June, 2009. It was commissioned by Melior Developments, a Quebec company dedicated to building and maintaining senior’s residences. Their expertise is in converting heritage religious buildings into seniors’ residences. Melior Developments sold its 50% interest in the Residence le Monastère, a converted monastery in the heart of Aylmer, in December of 2008. At the time, the new and unfinished complex behind the Residence le Monastère was excluded from the transaction. Melior sold the Monastery residence to its venture capital partner, Chartwell Senior’s Housing, and Chartwell now runs the award-winning senior’s residence on Principale Street, but maintains no relation to the unfinished building standing behind it like its shadow.
Ownership in doubt, builders left holding the bag
The concrete shell of the building was erected by EBC Incorporated, a well-known construction company based in the Beauce. This senior’s housing project was valued at $31.4 million. EBC poured $13 million into the building with only a $1 million committment on the part of the developer, Melior. After the structure was up but not complete, Melior failed to secure financing for the next phase of the building. Melior could not explain its lack of financing to the Bulletin.
It was at this point that Melior pulled out completely, and sold the rest of its share of the Residence le Monastère to Chartwell. The construction giant, EBC Inc. has been left responsible for the unfinished building, which means paying for 24-hour surveillance, among the other liabilities. The contractor has put a claim on the building because they were left unpaid for so long. Neither EBC nor Melior would answer questions from the Bulletin, despite repeated attempts.
The director of the Residence le Monastère, Marc Lafontaine, told the Bulletin that he and his team are busy focusing on the seniors who live in the residence now. “We are proud to have won APICA’s service business award,” Mr Lafontaine said. “We work hard every day to provide the best living for our residents. We have nothing to do with the empty building behind us.” Just like everybody else.
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