Lakeview Condos in Barrie - Update
Mady Development needs to re-finance its downtown Barrie Collier Centre project, which could delay its completion by four months to late 2015.
Cost over-runs, caused in part by bad weather, sub-trade failures and an expansion in the project's size, such as added floors, are the reasons.
“The overruns have been caused by weather delays from last winter, and most recently by certain sub-trade failures,” said Charles Mady, CEO of Mady Development. “We never were able to catch up from last winter's bad weather, then sub-trade failure added to the delays.”
Sub-trade failure relates to suppliers who failed to perform adequately.
“Workers are paid, but we do have sub-trade liens as the bank won't fund until they get a clear handle on how to fix the problem,” Mady said.
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