A Waterloo developer is blaming the pandemic and market prerequisites for pulling the plug on a rental venture in downtown Kitchener.
Activa announced Thursday it had cancelled the Avenue M rental project which grew to turn into as quickly as slated to be constructed on Margaret Street between Queen and Victoria streets.
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“It is with sincere really feel sorry about that we’ve have been given introduced the cancellation of our Street M rental mission,” mentioned Geoff McMurdo, Activa’s vp of industrial constitution, in a statement.
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“Current market stipulations and the uncertainty of the pandemic have rendered the financing of this undertaking unviable. For that clarification why, we are unable to transport forward to structure.”
Symptoms for the undertaking say that Half of 1 of the boom have been sold out.
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“All Avenue M Purchasers were notified of this cancellation and have been entirely reimbursed,” McMurdo recognized.
He diagnosed choices are notwithstanding being made on what the corporate will for with the resources going ahead.
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