The Sydenham Condominium building project broke ground in the summer of 2013. The prime location on the Sydenham River offering luxury downtown living attracted many buyers. The first wave of owners started moving in September 2019.
After years of construction delays, Sydenham Condominium Corporation is now seeing a completion date in sight. If all goes according to plan, the Board is projecting that the building will be completed by the end of 2022. With the current buzz of activity in the building, expectations are that all 34 residential suites will be occupied in the coming year.
Following the declaration of bankruptcy in February 2020 by the developer, the remaining unsold units went into receivership and the Condominium Corporation was taken over by the owners and a new Board of Directors was elected.
In December 2020, local developer John Smith purchased all the unfinished units (12 residential/2 commercial) from the Receiver. A local company taking on the completion of the units is a key factor in helping to bring the initial vision of the building to fruition.
Since that time, the Board has been working with Tarion and local vendors to complete the Common Elements of the building. Tarion, formerly known as the Ontario New Home Warranty Program, was created by the Government of Ontario in 1976 to administer the Ontario New Home Warranties Plan Act.
Grey-Bruce MPP Bill Walker has been a supportive ally in working with the Sydenham and Tarion to move this process forward.
Tarion has provided an advance on the insurance settlement to enable the Board to conduct work on the common elements of the building. At the same time, Smithcorp Realty has been completing the unfinished units to prepare them for sale and lease.
Sydenham Board of Directors continues to work closely with the General Contractor and E&H Property Management to develop, execute and monitor the work schedule which will ensure the Sydenham Condominium is completed consistent with the original vision for this important downtown development.
source: media release, Sydenham Board
