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  #3881  
Old Posted Dec 25, 2023, 3:21 PM
905er 905er is offline
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I forgot about this project. This could have been such an iconic tower for Winnipeg.
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  #3882  
Old Posted Dec 25, 2023, 7:19 PM
Kris22 Kris22 is offline
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I forgot about this project. This could have been such an iconic tower for Winnipeg.
Ya, that sharply slanted roofline would've been something totally different in our skyline and really given it some more character. Crazy this thread is coming up on 10 years old. I remember how excited I was when this was first announced.

Hopefully 2024 brings some new tower announcements for the 'peg.
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  #3883  
Old Posted Dec 26, 2023, 2:40 AM
FactaNV FactaNV is offline
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Originally Posted by Kris22 View Post
Ya, that sharply slanted roofline would've been something totally different in our skyline and really given it some more character. Crazy this thread is coming up on 10 years old. I remember how excited I was when this was first announced.

Hopefully 2024 brings some new tower announcements for the 'peg.
That said, good thing the city dodged a Ponzi bullet and wasn't left holding the bag too hard. I sure hope something goes on those lots though, what a bloody waste.
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  #3884  
Old Posted Dec 26, 2023, 7:07 AM
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IIRC the local scumbag bought the property back from the Toronto scumbag at a profit. The St Regis site is going to be a 10 storey fugly parkade for the rest of our lives. Merry Christmas!
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  #3885  
Old Posted Dec 26, 2023, 1:40 PM
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IIRC the local scumbag bought the property back from the Toronto scumbag at a profit. The St Regis site is going to be a 10 storey fugly parkade for the rest of our lives. Merry Christmas!
I believe I saw Jawad Rathore living it up in Toronto, watching the Raptors with court side seats, paid for by the investors he ripped off.
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  #3886  
Old Posted Dec 26, 2023, 1:59 PM
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Builder defaults on payments linked to Fortress Real Developments collapse




Richmond Hill, Ont.-based real estate developer Sunrise Homes has defaulted on a court-ordered settlement to repay the millions of dollars it owes to lenders caught up in the collapse of Canada’s one-time largest syndicated mortgage company Fortress Real Developments Inc. On May 8, 2023, Justice Peter J. Osborne endorsed a settlement agreement whereby a collection of Sunrise-related parties and companies – including Sunrise CEO Sajjan Hussain, COO Muzammil Kodwavi and their spouses – would repay to the court-ordered receiver, KSV Advisory, $10.5-million that it owed lenders.

The payment schedule in the order mandated Sunrise pay not less than $2-million every 60 days until the debt was discharged. The penalty for defaulting was that the court could enforce an earlier order requiring repayment of a larger sum of $14,510,545.24. The Globe and Mail has learned Sunrise has since defaulted on that court order.

“Pursuant to this order we did receive a partial payment against the first payment, but since then they’ve been in default of the agreement,” said Naveed Manzoor, managing director at FAAN Advisors Group Inc. “We at FAAN are working very closely with the receiver to determine our next steps. … We are actively working on a strategy to ensure compliance with this order.”

Since 2019 FAAN has been acting as trustee for syndicated mortgage investors who are still owed money more than five years after Fortress RDI – which raised almost a billion dollars from thousands of individual investors – collapsed in 2018. In 2022, company co-founders Jawad Rathore and Vincent Petrozza were charged with fraud in relation to the investment scheme following a years-long investigation by the RCMP.

Among the Fortress-connected funds FAAN is seeking to recover were 10 mortgages worth about $95-million (borrowed from 2,900 individuals) that had been administered by Derek Sorrenti and the Sorrenti Law Professional Corp.

Sunrise borrowed $8-million from Sorrenti in 2015 (later increased to $9.8-million in 2016) to build a 52-unit townhouse project called Unionvillas under the corporate name Sunrise Acquisitions Hwy 7. In March, 2021 Sunrise informed FAAN it would not be able to repay the full amounts, though as FAAN wrote in a report “The borrower did not provide a plausible explanation for the sudden and marked decrease in the expected recovery.”

Over the course of 2022 receiver KSV Advisory attempted to glean information from auditors and Sunrise’s principals about where the money went, and according to its public filings, there’s evidence that millions of dollars were misappropriated. In one exchange in a November, 2022 affidavit, Bennet Jones lawyer Joseph Blinick acting for KSV Advisory asked Mr. Kodwavi to explain why millions of dollars was transferred from the Unionvillas project to other Sunrise-owned development companies. “From time to time funds get transferred back and forth,” said Mr. Kodwavi. “Once they are needed, they come back. That’s very usual standard practice of the industry.” However in this case it appeared more than $5-million never came back to the Unionvillas project.



Forensic accountant Jeffrey Feldman of SLF Financial Services Inc. acknowledges that intercompany transfers do happen in real estate, though in his experience these are not just funds shuttling around but secured loans with documentation between companies, and in the Sunrise case none of those protections appear to have happened. In another section of the affidavit Mr. Blinick presses Mr. Kodwavi to explain what looks like “cooked books”: “There is one entry on April 6, 2020 booked as a payment to Trans Power for $525,000 and when we look at the cheque we see that was actually a payment to you,” said Mr. Blinick.

Mr. Blinick said KSV Advisory identified ledger records that said $1.4-million was paid to Mr. Kodwavi while bank statements suggest $4.9-million was paid. Mr. Kodwavi declined to answer Mr. Blinick’s question about why ledger entries to multiple contractors were made for amounts that were later paid to him. According to Mr. Feldman, that is far from industry practice.

“Different sets of books, recording payments to an individual as something other than that – that is not onside,” Mr. Feldman said. “What you’re describing is what I would describe as fraud, and we’ve seen that in all kinds of companies, this is not limited to real estate.” Mr. Kodwavi and Mr. Hussain did not respond to requests for comment.

On Aug. 31, Mr. Hussain received an order in council appointment to serve on Ontario’s species at risk program advisory committee. When The Globe raised questions about Mr. Hussain’s qualifications and financial background to newly appointed Environment Minister Andrea Khanjin, the ministry appeared to backpedal.

“Given the seriousness of these allegations, we will be revoking Mr. Hussein’s appointment,” said ministry spokesperson Gary S. Wheeler. Mr. Manzoor stresses that this is not a simple financial dispute; the syndicated mortgage lenders FAAN is working for often invested their life savings into the Fortress/Sorrenti loans.

“Having dealt with this matter for five years it is really, really sad,” Mr. Manzoor said. “We’ve had people come to our office and say this is my last retirement savings and I need the money otherwise I’m eating canned tuna. “The investors need to be repaid. It’s that simple.”

source: https://www.theglobeandmail.com/real...-developments/
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  #3887  
Old Posted Dec 27, 2023, 8:01 AM
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IIRC the local scumbag bought the property back from the Toronto scumbag at a profit. The St Regis site is going to be a 10 storey fugly parkade for the rest of our lives. Merry Christmas!
One can thank CV for selling the St Regis site for a proposed parkade. How this complies with city planning policy is beyond me.

Why would a 2 story dental / health clinic with surface parking not be a better use for the site? This comes back to my ongoing comments that a better price could lead to a better building outcome on these sites. A $3,000,000 price tag results in a parkade. I better smaller building with land offered at a better price would lead to a much better outcome for our down town.

There are huge grant and subsidies to all kinds of organizations in our City that are obscenely top heavy with executive pay. I’m simply advocating for better land prices from city land to legitimate development
which will help our city move forward …

I believe the Pumphouse and development sites east and west were offered to the developer for practically a dollar. Now that worked out well I must say!
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  #3888  
Old Posted Dec 27, 2023, 1:06 PM
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Originally Posted by Labroco View Post
One can thank CV for selling the St Regis site for a proposed parkade. How this complies with city planning policy is beyond me.

Why would a 2 story dental / health clinic with surface parking not be a better use for the site? This comes back to my ongoing comments that a better price could lead to a better building outcome on these sites. A $3,000,000 price tag results in a parkade. I better smaller building with land offered at a better price would lead to a much better outcome for our down town.

There are huge grant and subsidies to all kinds of organizations in our City that are obscenely top heavy with executive pay. I’m simply advocating for better land prices from city land to legitimate development
which will help our city move forward …

I believe the Pumphouse and development sites east and west were offered to the developer for practically a dollar. Now that worked out well I must say!
Honestly the sale of the St. Regis site made me lose so much respect for so many people in this city, I thought they were better than that. But nope, social climbers helping social climbers. Big fishes in a little pond.
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  #3889  
Old Posted Dec 27, 2023, 4:40 PM
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Just to clarify, the St Regis site is separate from the former SkyCity site. They are next to each other but separate.
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"But a city can be smothered by too much reverence for its past. The skyline must keep acquiring new peaks, because the day we consider it complete and untouchable is the day the city begins to die." - Justin Davidson - May 2010 Issue of New York
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  #3890  
Old Posted Dec 27, 2023, 9:56 PM
BAKGUY BAKGUY is offline
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Originally Posted by bomberjet View Post
IIRC the local scumbag bought the property back from the Toronto scumbag at a profit. The St Regis site is going to be a 10 storey fugly parkade for the rest of our lives. Merry Christmas!
Is it for certain, open and shut case> no supports for a residential tower?
Just the parkade and no eventual tower on top? Ever? Not even a Glimmer of hope to eventually see anything?
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  #3891  
Old Posted Dec 27, 2023, 9:57 PM
BAKGUY BAKGUY is offline
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Originally Posted by Biff View Post
Just to clarify, the St Regis site is separate from the former SkyCity site. They are next to each other but separate.
So in an ideal scenario, we could have 2 very large developments, 2 towers if played right?
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  #3892  
Old Posted Dec 27, 2023, 10:10 PM
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I mean, all current news points to the outcome of one is going to be a parkade for sure and nothing more, and the other is going to remain a parking lot for the foreseeable future. But anything can happen I guess.
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  #3893  
Old Posted Dec 28, 2023, 4:30 AM
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Originally Posted by WinCitySparky View Post
I mean, all current news points to the outcome of one is going to be a parkade for sure and nothing more, and the other is going to remain a parking lot for the foreseeable future. But anything can happen I guess.
I really cannot imagine there being any economical justification to build a 10 storey parkade in that location. Interest rates, construction costs and parking rates just do not add up. I just do not believe it will be constructed …
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  #3894  
Old Posted Jan 3, 2024, 4:36 PM
bomberjet bomberjet is offline
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Originally Posted by BAKGUY View Post
Is it for certain, open and shut case> no supports for a residential tower?
Just the parkade and no eventual tower on top? Ever? Not even a Glimmer of hope to eventually see anything?
I have no clue. Others in the thread will know more than me on this topic.
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  #3895  
Old Posted Jan 3, 2024, 10:11 PM
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Originally Posted by Labroco View Post
I really cannot imagine there being any economical justification to build a 10 storey parkade in that location. Interest rates, construction costs and parking rates just do not add up. I just do not believe it will be constructed …
I hope you’re right
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