Toronto-based Great Gulf Group of Companies, has purchased the stalled condo development from Kazakhstan-based Bazis International. Hundreds of buyers had lined up for weeks in 2007 to own a piece of the property, which featured units priced from $500,000 and up. The penthouse was reportedly sold for $25 million.
Purchasers will receive their deposit money back, Bazis International (the original developer) said in a statement. About 500 purchasers put down $70 million in deposits for their units.
Great Gulf Group builds homes, shopping malls and office towers throughout North America. It’s most recent Toronto condo projects include the X-Condos, 18 Yorkville, Charlie Condos, The Morgan and The St. James.
To read more on this project, read The Star’s article by Tony Wong.
“Toronto’s Condo Authority”