Beasley Lofts | ? | 12 fl | Proposed

[JArch]

Originally Posted by kristupha

Where did you get the renders from Jarch?

Pictures are from beasley park website, there's also a few videos on there, one is a spin around which would give a view from Cannon I think.
https://stinsonproperties.com/projec...-park-lofts-2/

[Chronamut]

I do love the look of this all along the main floor - esp. that main entranceway.. at least his design looks innovative - can't fault him for that! I just wish it would ever get built..

[forumhma]

Originally Posted by kristupha

Hey all,

I purchased a unit here too; 3rd floor in the original NE part of the building; apparently away from the remediation.
I wasn't able to make the last in person meeting, and had to chase for information afterward - it didn't sound favourable.

• For those that didn't withdraw yet, what's your gut telling you?
• For those that did, was it straightforward? What was the final straw?

It was pretty straightforward. I signed a release and they gave me my money back. Harry is relying on the fact that he can get better prices 2 years later so he’s not making a big deal about it. He’s probably also doing it so someone doesn’t challenge the fact that he’s materially changing the contract.

The last straw for me was Diana telling me it could be more than two years from this summer and the fact that they are apparently now learning about contamination. Which is impossible because 1) their lawyers and real estate people would have done due diligence and discovered an old environmental assessment done by the previous owner which revealed contamination (I googled it and found it in 10 minutes). They know EAs have to be conducted. They also would have done an EA way before and would ah e know these problems existed long before they disclosed them. Also Diane told me that the new lofts will not be 13foot ceiling. Will not. Period. And may be 11 but even that they’re not sure about. So I withdrew. When a lot of info starts coming your way that is contradictory and you get a bad feeling, I think you should listen to that. I did.

[Pootie Tang]

Hi all, I'm new to this forum but wanted to be part of the Beasley discussion. I joined the Facebook group - only 4 members

A few months ago my wife and I went to NYC, and visited Chelsea Market. It's an old factory in lower Manhatten that is converted to mixed use. It's so beautiful, stunning actually. If Beasley gets completed, we think it will look like Chelsea Market, but in Hamilton.

We bought a loft in the old part of the building in 2017. And another one in the new tower in 2018. We don't have an urgent need to move in but want to see the project finished. We met Harry a few times, he's really interesting but we're not sure he can stay focused enough. Good speaker, bad listener. We are worried that the Buffalo Hotel will be too big a distraction.

I have a friend who years ago was looking at the Niagara Falls hotel, that was a project of Stinson that fell through. I'm also pretty sure Gibson Lofts will not happen. Lots of false starts.

Getting information from their office is sparse and frustrating. No wonder there are lots of lawsuits in the past with this developer. I can see why some want to walk away. But we're going to stay put.

I saw the Candy Factory loft go up in Toronto in the late 90s. I wanted one then, and now they are way too much money for the value. If Stinson actually pulls off the vision for Beasley, it will be a better project than the Candy Factory Lofts. Our down payment money is protected in 3rd party (even if low/no interest) and we're not walking away. The upside outweighs the risk.

We don't think this will be done by 2022 even. Or perhaps just partially done.

We received an 82x page Condo Disclosure Document from Diane at Beasley today. It's very comprehensive and outlines the full project details. After receiving this today, I feel much better about the project. The floor and unit layouts are all detailed in there, along with common area, hotel, restaurant, etc plus financial disclosure, maintenance fees by unit, etc. Overall, the project is beautiful and this statement supports that (again if it ever gets done).

There is also construction work being done where the skate park was, and I think it's another skate park going in. Looks like the city is investing in the area, and it's so close to downtown, the market, the theatre district, etc that it's a perfect location and an awesome building. Fast forward many years from now, and Beasley Park lofts and development will be there (even if not by Stinson) and it will be a gem in the city. I know people are walking away. Just wanted to share that we aren't.

Wish us all luck.

[kristupha]

Originally Posted by forumhma

He’s probably also doing it so someone doesn’t challenge the fact that he’s materially changing the contract.

Isn't that a big gamble? Like there are enough people to make litigation worth it? Especially with the way that Gibson is going?

[kristupha]

Originally Posted by Pootie Tang

We received an 82x page Condo Disclosure Document from Diane at Beasley today. It's very comprehensive and outlines the full project details. After receiving this today, I feel much better about the project. The floor and unit layouts are all detailed in there, along with common area, hotel, restaurant, etc plus financial disclosure, maintenance fees by unit, etc. Overall, the project is beautiful and this statement supports that (again if it ever gets done).

I saw this come in today also - looks like some light bedtime reading to see how the building progress is coming along.

[kristupha]

Originally Posted by kristupha

I saw this come in today also - looks like some light bedtime reading to see how the building progress is coming along.

Well, doing a quick look through the new floor plans and unit designations, it seems my unit is no longer the same as the one that I had put money down for; there seem to be more units per floor squeezed in (or the numbering has changed) which no longer aligns with the originally signed purchase papers.

Does anyone else see this discrepancy with their unit that they purchased on paper originally and the new disclosure documents?

[JArch]

Originally Posted by kristupha

Well, doing a quick look through the new floor plans and unit designations, it seems my unit is no longer the same as the one that I had put money down for; there seem to be more units per floor squeezed in (or the numbering has changed) which no longer aligns with the originally signed purchase papers.

Does anyone else see this discrepancy with their unit that they purchased on paper originally and the new disclosure documents?

Skimming the agreement looks like unit numbers are likely changing, don't think anything outside the tower area has really changed much though. I know a floor was added in a certain area where my unit was so I just got bumped up a level.

[Pootie Tang]

Originally Posted by kristupha

Well, doing a quick look through the new floor plans and unit designations, it seems my unit is no longer the same as the one that I had put money down for; there seem to be more units per floor squeezed in (or the numbering has changed) which no longer aligns with the originally signed purchase papers.

Does anyone else see this discrepancy with their unit that they purchased on paper originally and the new disclosure documents?

We bought 2x - one in the old factory and one in the tower.

The unit in the tower seems much different, much smaller, but our contract is clear so I'm confident it will be made right. I have a specific email stating they guarantee the unit size (if not larger). The unit in the old factory area is the same.

I read the whole contract today and also sent to my lawyer. All seems good on this end, no surprises and I'm happy with the disclosure.

Anyone else read it?

[hammertown]

Hello all,

this forum has literally been the only source of info for me.

I received a new purchase agreement recently from the folks at Beasley.

Section 11 frankly scares me. It is replete with vendor escape clauses that allow the builder to terminate on a whim. This after waiting 2 years already for a project that will not likely start for another year. Has anyone else received it? What are your thoughts? Where is the FB page, I cannot find it!

What is the feeling about this now? My guy reaction is NOT GOOD

[drpgq]

Considering that Gibson seems to have changed, I personally would avoid Stinson.

[durandy]

Originally Posted by hammertown

Hello all,

this forum has literally been the only source of info for me.

I received a new purchase agreement recently from the folks at Beasley.

Section 11 frankly scares me. It is replete with vendor escape clauses that allow the builder to terminate on a whim. This after waiting 2 years already for a project that will not likely start for another year. Has anyone else received it? What are your thoughts? Where is the FB page, I cannot find it!

What is the feeling about this now? My guy reaction is NOT GOOD

Those are very common clauses. Don't think I've seen a new build agreement where there aren't escape clauses. The difference here is the likelihood of them being used.

[hammertown]

Originally Posted by durandy

Those are very common clauses. Don't think I've seen a new build agreement where there aren't escape clauses. The difference here is the likelihood of them being used.

I would agree in general but have you read them? They alte all time stamped so that the contract seemingly can he terminated at any stage if the projec at the sole descretion of the developer.. why has the project undergone as many redesigns as it has? Has it been to clear out original buyers to resell at more current prices?

Gibson project is dead is it not? What happened to them?

[JArch]

Originally Posted by hammertown

I would agree in general but have you read them? They alte all time stamped so that the contract seemingly can he terminated at any stage if the projec at the sole descretion of the developer.. why has the project undergone as many redesigns as it has? Has it been to clear out original buyers to resell at more current prices?

Gibson project is dead is it not? What happened to them?

From what I've heard the redesigns have been due to city rezoning of the core(first the draft plan, now the final plan). Could be other things going on too though.

As for the facebook page search Beasley Park Lofts on facebook and you should be able to find it. If not try this link: https://www.facebook.com/groups/252084258630528/

More going on on the forum than the group at this point though lol

No idea what's going on with Gibson...

[hammertown]

Gibson is on hold. They have terminated the project and will be creating rental units apparently.

I eomplore anyone who bought to read their purchase agreement
(See section 11 specifically)

I ask you are these standard clauses?

I cannot get any information from them regarding state of the project (sales/cooperation from city regarding it/will it be done in phases?). Anytime I ask questions they are either ignored outright or are deflected.

PLEASE IF SOMEONE ELSE HERE IS A PUIRCHASER PLEASE CONTACT THEM AND TRY AND GET SOME ANSWERS AND LET US KNOW.

[hammertown]

Do other owners have same section 11 in their purchase agreement?

[hamilton23]

Originally Posted by hammertown

Gibson is on hold. They have terminated the project and will be creating rental units apparently.

I eomplore anyone who bought to read their purchase agreement
(See section 11 specifically)

I ask you are these standard clauses?

I cannot get any information from them regarding state of the project (sales/cooperation from city regarding it/will it be done in phases?). Anytime I ask questions they are either ignored outright or are deflected.

PLEASE IF SOMEONE ELSE HERE IS A PUIRCHASER PLEASE CONTACT THEM AND TRY AND GET SOME ANSWERS AND LET US KNOW.

It's not abnormal for pre-construction projects to have these clauses in their contracts. Did you have a lawyer read the APS (Agreement of Purchase & Sale) in order to understand and explain to you how the builder is protecting themselves in case they no longer go forward with constructing the project? The person who drafts the APS on behalf of the developer is their lawyer. The developer is going to ensure their APS is iron clad before getting purchasers to sign on the dotted line.

[JArch]

Originally Posted by hammertown

Do other owners have same section 11 in their purchase agreement?

Mine does, my lawyer didn't raise any flags for those clauses so assuming is somewhat standard

[hammertown]

Thank you for your replies, much appreciated!

[durandy]

Originally Posted by JArch

Mine does, my lawyer didn't raise any flags for those clauses so assuming is somewhat standard

These are the worst agreements, in the sense that they're long and cumbersome and massively developer friendly, and you as a buyer have essentially no bargaining power to change them because all you really care about is getting the unit at a good price and 99 percent of people aren't walking because of all the legalese. So all you can do is pay a lawyer like three hours of time, say $750, to parse them, for them to tell you essentially the above and offer to you that you cap the charges at $5,000, because the developer isn't paying their lawyer $750 to change the contract every time so that's all they'll be agreeable to. And if your lawyer is billing you $75 then you can pretty much assume they haven't read it. I don't know if there's a solution akin to standardizing these the way OREA does it, since effectively the above is a standard process already!