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Oakville Condo News: Oakville Waterfront condo development put on hold

December 10, 2009

Sagging economy puts Ashford Terrace condo development on hold

(Source: Oakville Beaver )

The development of Ashford Terrace may have slowed because of the economic downturn, but it has not stopped.

Patrick Berne, general manager of The Pemberton Group, vigorously denied rumors the condominium building company has abandoned its plans to build 300 residential units on the land formerly called Shell House/Palm Place, located along the Oakville waterfront between Burloak Drive and Great Lakes Boulevard.

The company plans to house the 300 units within three condo structures ranging from five to eight storeys in height.

“We have not abandoned the site and we will not abandon the site,” said Berne.

Berne said because of the recession the on-site Pemberton sales centre has been temporarily closed and deposits have been returned to the existing unit purchasers.

Ward 1 Councillor Ralph Robinson said providing the unit purchasers with the option of getting their deposits back is something that is required under the Condominium Act when a development’s completion schedule has not been met.

However, the returning of the deposits does not mean a development has been abandoned.

Read the entire article “Sagging economy puts Ashford Terrace development on hold” by David Lea of the Oakville Beaver (Dec. 9, 2009)

2 Comments leave one →
  1. December 23, 2009 6:08 pm

    It looked like a great place to live!

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    • December 28, 2009 10:09 am

      I’m sure we’ll find the project resurface – perhaps once they complete some of their other projects in the GTA.

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