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After years of construction delays, Sydenham Condominium Corporartion says it has a completion date in sight.
Condominium Board Secretary Mary Ann Alton says, “The Sydenham Board of Directors, working with E&H property management are very excited to see that our building will be completed in 2022.”
Alton says, if all goes according to plan, the condominium board is projecting the building will be completed by the end of 2022.
A release from the board says, expectations are that all 34 residential suites will be occupied in the coming year.
The Sydenham Condominium project broke ground in the summer of 2013. The first wave of owners started moving in September 2019.
In February 2020, the developer declared bankruptcy and the remaining unsold units went into receivership.
The Condominium Corporation was taken over by the owners and a new Board of Directors was elected.
In December 2020, local developer John Smith (Smithcorp Realty) purchased all the unfinished units (12 residential and 2 commercial) from the Receiver. The condominium board says, “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.
The board says, Bruce-Grey-Owen Sound 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.
Alton says, the Sydenham Board of Directors says it continues to work closely with the general contractor and E&H Property Management to develop, execute and monitor the work schedule which to ensure the Sydenham Condominium is completed and is consistent with the original vision for the downtown development.
The finished building will feature a rooftop terrace, an entertainment room, a gym and a floating dock.