Real Estate

Academy Condo in Scarborough???

  • Last Updated:
  • Dec 27th, 2018 12:53 pm
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[OP]
Sr. Member
Aug 18, 2005
543 posts
10 upvotes
Markham

Academy Condo in Scarborough???

Does anyone know what is the current status of this project? Academy Condo by Lemine Investing Group at Morningside/Ellesmere is marketed as a residence dwelling targeting to UTSC students, it was one of the hottest condo development back in 2014 and was sold out in weeks. I purchased an unit as well and ground was broken more than a year ago, but it seems like construction has still not begun, heck even the official website has been taken down. Can anyone that also make a purchase for this condo shred some light here? I just hope this is not a scam where the builder absconded with the buyer's money.
19 replies
Deal Fanatic
User avatar
Feb 2, 2014
8965 posts
2567 upvotes
Toronto
yauvito wrote: Does anyone know what is the current status of this project? Academy Condo by Lemine Investing Group at Morningside/Ellesmere is marketed as a residence dwelling targeting to UTSC students, it was one of the hottest condo development back in 2014 and was sold out in weeks. I purchased an unit as well and ground was broken more than a year ago, but it seems like construction has still not begun, heck even the official website has been taken down. Can anyone that also make a purchase for this condo shred some light here? I just hope this is not a scam where the builder absconded with the buyer's money.
The sales office was at Yonge and Sheppard. I remember the line, it was crazy.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Penalty Box
Aug 11, 2005
4175 posts
1427 upvotes
They didn’t get financing and will be cancelling the project and returning all deposits.
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Deal Fanatic
Mar 27, 2004
5560 posts
3439 upvotes
Toronto
Shady developer from China. Buyer beware.
Full-time Realtor
Newbie
Aug 12, 2018
4 posts
Builder likely default. Several buyers want get their money back through lawyer. Contact ur lawyer asap.
Newbie
Sep 10, 2018
0 posts
I went to their office couple times this year but they keep asking me to wait. They didn't say they are going to cancel the project but buyer can get refund. My understand of the refund is down payment only. I read news about Liberty in Vaughan. I am trying to contact other buyers but don't know how.
Deal Guru
Feb 22, 2011
10424 posts
12950 upvotes
Toronto
Lol oh dear;

New investors are coming in every month, he said, and he’s working on launching a new project.
Newbie
Sep 18, 2012
3 posts
SCARBOROUGH
Hi,

does anyone know if there is any law suit against this to get the some sort of interest back on the down payments?

Thank you,
Newbie
Sep 18, 2012
3 posts
SCARBOROUGH
Hi, did you get the confirmation from somewhere that it is cancelled.
JasNijjar wrote: It has been canceled.
Newbie
Nov 23, 2018
1 posts
The developer is suing the builder for breach of contract that's what the management said. Totally waste of time and money.
Newbie
Jun 24, 2018
2 posts
I also bought the condo. Please send me text message so we will see whats going on of the condo. My phone number 6478307699 Stephanie. Thank you
Member
May 14, 2008
484 posts
192 upvotes
Toronto
so, if he declare BANKRUPT, you as INVESTOR, will not get your deposit money back....
what can you do?
Sr. Member
Sep 13, 2007
533 posts
136 upvotes
Toronto
i remember my parents saw academy condos too a long time ago, they were skeptical of the claims that they can draw in 1k from students in this area esp when students could bus in from scarborough town centre

my heart goes out to everyone affected
Newbie
Dec 26, 2018
1 posts
Hi my lawyer reached out to the builder and they are willing to return our deposits as long as we sign a release. Our deposits are being held by lawyers so they are safe.
There are several articles about the builder and the current law suits he is in. He also had a oroject in Oickering which the city has taken back the land.
However if anyone is pursuing a class action lawsuit please let me know 4168564501 Shawna
Banned
Nov 18, 2014
824 posts
769 upvotes
Toronto, ON
Luckyinfil wrote: They didn’t get financing and will be cancelling the project and returning all deposits.
Are you a real estate insider? How did you find out before the buyers

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