Gibson School Lofts | ?m | 4 fl | Proposed

[Wigs]

Stinson has gotta be one of the sketchiest "developers" in the entire country.

[drpgq]

I took this on July 27th. Hard to see but there was a cherry picker there fixing the windows. I doubt it means much, although I wonder for Stinson what the cost is for carrying this for so long.

[ScreamingViking]

Originally Posted by drpgq

although I wonder for Stinson what the cost is for carrying this for so long

Bad knees from grovelling to his financial backers?

I highly doubt Harry is footing the bills himself while his proposals dry up on the vine.

[NewHammer]

He's certainly trying to give the illusion that things are moving forward, I've been seeing ads pop up on facebook marketplace non stop the last few weeks. fortunately people who put a deposit down years ago have been popping up in the comments to draw attention to the fact that this place is probably never getting finished.

edit: nevermind, it was Gibson School Lofts, not Beasley

[ScreamingViking]

Originally Posted by NewHammer

He's certainly trying to give the illusion that things are moving forward, I've been seeing ads pop up on facebook marketplace non stop the last few weeks. fortunately people who put a deposit down years ago have been popping up in the comments to draw attention to the fact that this place is probably never getting finished.

edit: nevermind, it was Gibson School Lofts, not Beasley

Still, that's a project that is more than 10 years out from a formal proposal, 9+ since approval. The external brick was cleaned early on, new windows installed several years ago, but the timeline of work on the Gibson School building's interior has been fuzzy. So I think your post still has merit.
https://skyscraperpage.com/forum/sho...d.php?t=210590

[ScreamingViking]

No surprise, this has been in receivership since early in the year.


Harry Stinson’s latest school-to-condo conversion in receivership
The Gibson School Lofts on Barton Street East went into receivership in January, but the developer behind the project is hoping to maintain control of the redevelopment.

https://www.thespec.com/news/hamilto...25dd3631d.html

Embattled developer Harry Stinson’s latest school conversion project, the Gibson School Lofts, is in receivership due to missed mortgage payments.

But Stinson said in an interview he is seeking a new partnership to help pay out his lender and allow him to finish the redevelopment at 601 Barton St. E.

“The best way for both of us, for all of us, including the (condo) buyers … is to come to an agreement that the construction gets completed,” said the longtime Hamilton developer. “We could have people in (the building) this year, occupied.”

...

Court documents viewed by The Spectator show the lender is seeking more than $4 million in repayment on two separate loans. The documents also noted past lender concerns about contractor liens and tax arrears that totalled hundreds of thousands of dollars in 2022. The current status of those previously cited liens and arrears was unclear Thursday.

The Spectator reached out to the receiver, B. Riley Farber Inc., on Thursday to seek clarity on plans for the property, but has yet to hear back.

Stinson confirmed he “fell behind” on payments to the lender. “There’s no question it has been a rough year,” he said.

...

Despite those challenges, Stinson said he has no plans to sell local projects like Gibson or a long-delayed condo proposal at the Cannon Knitting Mill.

“Selling any project in this market would be delusional,” he said, adding he hopes to go ahead later this year with new marketing for the project at the former knitting mill near Beasley Park, which the city recently decided to designate as a heritage building.

...

Sorry Harry, but your plan is definitely funny. And "delusional" would be buying anything you're selling. I think that the Cannon Knitting Mill is going to sit for a long time unless someone else gets a shot at its redevelopment.

[matt602]

How shocking. Hopefully someone else can pick this place up and finally finish the job.