A Waterloo developer is blaming the pandemic and market conditions for pulling the plug on a condominium project in downtown Kitchener.
Activa announced Thursday it had cancelled the Avenue M condominium project which was slated to be built on Margaret Avenue between Queen and Victoria streets.
“It is with sincere regret that we have announced the cancellation of our Avenue M condominium project,” said Geoff McMurdo, Activa’s vice president of business development, in a statement.
“Current market conditions and the uncertainty of the pandemic have rendered the financing of this project unviable. Consequently, we are unable to move forward to construction.”
Signs for the project say that Phase 1 of the development were sold out.
“All Avenue M Purchasers have been notified of this cancellation and have been fully reimbursed,” McMurdo said.
He said decisions are still being made on what the company will do with the property going forward.
A spokesperson for the city of Kitchener says the company could apply for a new permit to build at the same site but it would need staff approval to do so again.
“Over the past year, it also went to Council for approval of a heritage permit as the project is within the Civic Centre Heritage Conservation District and Committee of Adjustment for a reduction in the parking requirement and other minor adjustments to zoning,” Shawn Falcao told Global News in an email.