One of Oshawa’s most celebrated redevelopments has hit a snag.
Work at the former Genosha Hotel, being redeveloped by Bowood Properties into 66 apartment units from its dilapidated former self, came to a halt earlier this month.
According to Tracy Christie, the president of Bowood, there is an issue obtaining ownership of the property from the former owner.
“I shut the project down on Friday of last week because we’re not making any headway on resolving the issue and so I thought it prudent to shut it down and get everyone’s attention,” he says.
Due to the legal nature of the issue, Christie would not share any further details, but says the parties are working toward a resolution, and one that hopefully will not impact the eventual completion of the project. Christie says a clearer picture should emerge in the coming days.
“I’ll probably tell you in about 10 days. We’re just trying to resolve…keep heads calm and try and resolve this thing,” he says. “We’re dealing in good faith and pushing forward to get it resolved so I can get back in there and finish off the work.”
The project has received considerable support from the city, including approximately $1.5 million in assessment grants and other loans under the city’s Central Business District Renaissance community improvement plan.
The city grants come with the caveat that the work has to be completed in order to release the money. As well, the contract stipulates Bowood must retain full ownership of the building.
The project is also slated to receive similar grants from the Region of Durham after grants were approved at the committee level earlier this month.
“Everybody in the city and the region planning department has just bent over backwards to help us and assist us and continue on,” he says.
The redevelopment is slated for completion in by March 2017.