Terra Commons Condos
A year ago, the B and M Land Company and Gem Equities had so many legal and regulatory difficulties that it was hard to see if they would emerge from it.
But over the past year, numerous businesses and government agencies have filed more than 30 lawsuits and actions through the courts against his companies or Marquess personally. Creditors have also claimed millions of dollars in unpaid bills and damages, according to documents obtained by CBC News.
In January, McDiarmid Lumber won a judgment against Marquess for more than $1 million.
And Manitoba’s Residential Tenancies Branch hit B and M Land with more than two-dozen orders last summer because the company hadn't been paying its electricity and gas bills.
Tenants at a B and M highrise on Cumberland Avenue showed CBC News orders from January 2010 instructing them to pay their rent directly to the tenancies branch.
The justification is to cover unpaid Manitoba Hydro bills from the company.
Over the last year, B and M owner Andrew Marquess sold some assets to Timbercreek of Ontario including former Sheraton/York Hotel which has since been converted to apartments again.
One of the properties to lie fallow was the 34 apartment units in the 19 building McPhillips Common. Some controversy was afoot as the buildings stood waiting since 2007 vulnerable to vandalism and fire. Now the project has the go ahead.
The buildings were to be the largest geo-thermal project in Manitoba. It will continue to be that but no longer will project be apartments, it will be two and three bedroom condos.
The home ownership market continues to be strong and for many developers, rental units are just not appealing.
The $25 million dollar conversion should be filled sometime next year.
5 comments:
Very poor management, as a home owner I would not recommend TERRA COMMONS
Very poor management, as a home owner I would not recommend TERRA COMMONS
This development is nice. Modern and practical. But make sure to buy some "patience" if you are planning to get a unit from this development. They are a YEAR behind on the construction. Not a good first time home buying experience.
we bought a home from them around april moving in mid july....the company has yet to sign our mortgage paper from our lawyer and we still haven't had our walk through...should be interesting...its a few days before july.
Like the comment above im having the same issues. I put a down payment on the condo back in march and gave them a date on which I would be moving in september 9th. A day prior i was told that we are not able to move in due to terra commons having no occupancy permits. Its now the 22nd and still have not moved in. Is anyone else having the same issues that I am having? the getting the deal very difficult?
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