In fall 2019, developer Twin Regency and real estate brokerage Remax partnered to sell VIP access tickets for a condo project on 8th Line and Yonge Street in Bradford, advertising one and two-bedroom condos from $283K.
The plan was to host the exclusive pre-sale event in spring 2020 for those who had purchased the $500 VIP tickets in the fall. But spring came and went, and the event never happened. It is now one year later and ticket holders and potential buyers are wondering about the status of the project.
The ticket issued by Twin Regency Bradford Condominiums noted that the holder is entitled to attend a special opening event for the purpose of reviewing floor plans and having the opportunity to purchase a condo suite prior to opening up sales to the general public.
The $500 from the sale of the ticket would then be deposited into a non-interest bearing trust account and held until the purchaser entered a binding agreement of purchase and sale for a suite, in which case the money would be applied toward the purchaser's deposit.
The purchase of the ticket did not entitle or guarantee that the purchaser would be able to buy any specific unit, it only provided access to the special evening event. The purchaser of the ticket would also receive a five percent discount from the listed purchase price, a free locker, free parking, one year of free maintenance, development caps, free assignments, and all discounts announced on launch night.
If the purchaser was no longer interested in purchasing, they could contact Remax Hallmark BWG Realty Inc. in writing to request a refund and would receive their deposit back within seven days of receipt.
Real estate agent Anastasia Orlando purchased three tickets for the event and had 12 clients also purchase tickets.
Orlando said she is disappointed and wants answers as to what is happening with the project. She knows she isn't the only one looking for answers, so she created a Facebook group for fellow ticket holders to keep each other informed about the situation.
Frank Rossi said he and his daughter both bought tickets in hopes of increasing their odds of purchasing one of the condos.
"Remax pulled out of this project without explanation, and it left us both wondering if this condo would ever be built," said Rossi, who added that both he and his daughter will be requesting a refund for the tickets.
"Twin Regency's lack of info for VIP ticket holders has been a disgrace...there is no way they build this condo at prices advertised," Rossi said.
Lily Nooro and her fiance purchased two tickets for the event, in hopes of securing a condo for their first home.
"We were very excited and everything seemed very legitimate in the beginning when Goddard Remax was involved," said Nooro. But once Remax pulled out of the deal, things started to go downhill.
"It is all very unfortunate and saddening as all of us were excited to purchase a unit," said Nooro.
Triumphant Group told BradfordToday that two newsletters were recently sent out to all ticket holders thanking them for their patience with the Twin Regency project and that due to the pandemic the project timetable has changed significantly.
They are working on a new construction schedule and showing date for the VIP ticket holders.
"At the outset, we envisioned constructing two buildings on a 10-acre site in Bradford. We remain firm on this commitment to delivering one of the first and biggest condominium developments in the city. Despite the hurdles of COVID-19, please be rest assured that we are moving forward with Twin Regency," read part of one of the newsletters.
"Our team is working overtime to speed matters up with the Bradford City planners. We remain firmly committed to this development that will build not only a new milestone for our group. We are also positive that Twin Regency presents an excellent opportunity in the market for those looking for a dream home."
The group advised that any ticket holders not willing to wait any longer for the showing of the project can email them at email@example.com for a refund.
BradfordToday contacted Goddard Remax for comment but did not receive a response.
When contacted, The Town of Bradford West Gwillimbury says they do not have any information on the project status. The project is still an active file under review and the developer has reached out to the planning department to set up a meeting.
"We hope that means that there will be more information coming soon," said Caleigh Clubine, community relations officer for the town.
According to some members in the Facebook group, refunds have been issued, provided ticket holders show proof of purchase.
Others, like Orlando, are hanging on to their tickets in hopes the project will come to fruition soon.
"It's a great project with a lot of potential," said Orlando. "It's a great opportunity for the town and for investors."