Burlington developer Adi Developments is pushing back after its license was threatened to be revoked and says it’s being treated unfairly.
The Nautique Condo Project on Lakeshore in Burlington is set to be completed in June of 2024.
The builder, Adi Developments, says construction costs went up $43 million since the building first started selling units back in 2015. The buyers who bought pre-construction were given the option to back out of the deal and get their deposits back or come up with more money.
Glenn Gillespie, who bought a unit pre-construction says he was told he would have to pay $300,000 more to keep his unit, “I found that kind of criminal.”
The Home Construction Regulatory Authority gave notice to Adi Developments to revoke their license. This is the first time a ruling has been issued to a builder by the regulator.
Adi Developments says they were not treated fairly by the regulator and has made an appeal. The builder told CHCH News today they were not given notice of the impending proposal and had no opportunity to respond before the decision to possibly revoke their license.
Gillespie chose not to pay the additional $300,000 to keep his unit. He got his deposit back with interest.
Adi Developments says everyone who chose not to go with the new purchase price was given their deposits back with 6 per cent interest.
No matter what happens with the builder and if their license is revoked it will not affect the three current projects under construction in Burlington.
A previous version of this story said “The body of the provincial government that regulates new home builders agrees.” This statement is inaccurate. The lawyer for Adi Developments told CHCH News this is not a criminal investigation.
