Controversial development back in the news

Toronto Mayor John Tory has vowed to get to the bottom of what's happening at the top of the Trump International Hotel and Tower Toronto.

A large swath of Toronto's financial district remained closed Tuesday due to an unstable antenna on top of the luxury hotel and condo that opened in January 2012.

Tory says he has urged the owners of the building, Talon International Development, to do a better job of communicating with the city and the public.

The mayor says the closure has caused a substantial cost to the city in terms of deploying police and disruptions to businesses.

He wants the owners to be held accountable for the building if it is found it wasn't properly built or maintained.

The very public concern follows a high-profile dispute between the same development company and investors who said buying condo-hotel units in the prestigious building was a mistake.

CREW was one of the first news organizations to report the number of “put-out investors” citing problems in winning financing for their units.

According to investors, the banks were then treating the project as a commercial property, therefore disqualifying it from condo financing. In 2012, Talon extended the closing date to win additional time for condo buyers.

The Ontario Securities Commission made it clear that units in the Trump Tower were not marketed as cash-flow properties, but according to investors, sales representatives pitched them as just that.

Still, according to developers across the industry and real estate mogul Brad Lamb, investors should have done their legwork on this type of investment before signing on the dotted line.

Files by The Canadian Press

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  • by David Pylyp 2015-09-02 11:50:10 PM

    Trump Towers
    Clearly a Commercial Investment
    Buyers had 10 Day rescission Period to discuss with lawyer
    No residential Financing Available on Commercial Property ( different rates and fees)
    Developers sales rep can say anything; If its not written in contract it doesn't exist.

    Why are surprised?

    David Pylyp
    #bythewater with #Matterport

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