Adi Developments Launches Appeal of Home Construction Regulatory Authority (HCRA) Proposal to Revoke building licenses

Increased Project Costs Made Subject Project Unviable Without Changes

TORONTO, Sept. 12, 2022 /CNW/ – In response to the HCRA proposed regulatory action, Adi Developments (Adi) filed an appeal on Thursday, September 8th, 2022. The HCRA proposal arose from steps taken by Adi to ensure the ongoing success and completion of their 26-storey condominium Lakeshore project located in Burlington, ON. It seeks to revoke the licenses of eight unrelated Adi entities in addition to that of the one entity involved in the matters relevant to the HCRA action.

Adi Developments (CNW Group/Adi Developments)

Adi Developments (CNW Group/Adi Developments)

With increased project costs associated with the pandemic and inflationary pressures totalling $43 million (a 35% increase from the project’s original budget), Adi was forced to seek additional financing and to cancel purchase agreements in order to secure the new financing.

“The rising costs driven by trade subcontractors, supply chain slowdowns and associated increases

Read the rest