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Edison Avenue complex stalls again
A proposed condominium development in North Kildonan is on hold once again, leaving prospective buyers frustrated.
The Edison at 455, a $40-million, 131-suite complex that was being developed by former auto dealer Bob Kozminski’s Mematt Developments, didn’t hit its sales targets and work has been halted indefinitely.
Century 21 realtor Karen Tereck, who sold suites in the development with Royal LePage’s Dave Spiers, confirmed that the project in its current incarnation won’t likely be completed.
"It is over," Tereck said. "They didn’t get enough sales to commence construction before the end of the year.
"Enough people didn’t come forward, so obviously, there wasn’t that demand there."
Tereck was unsure about the future of the site at 455 Edison Ave. Kozminski could not be reached for comment.
The halt to the project has left Ken Maxom frustrated. Maxom reserved a suite in the proposed complex in October 2010 when it was being overseen by the Fraternal Order of Eagles.
After project organizers couldn’t secure financing, Hudson Bay Traders stepped in, but also could not get the condo built.
Maxom said he thought the project was back on track with Mematt taking the helm late last summer. A ribbon-cutting event was even held with Mayor Sam Katz, River East MLA Bonnie Mitchelson and Coun. Jeff Browaty (North Kildonan) in attendance.
Now, Maxom said he wants to know what went wrong.
"Within a month (of the ribbon-cutting), he had a start on a display suite and we thought ‘This is really, really going to take off’," Maxom said. "What killed it?"
Maxom and his wife, Barb, were refunded their $5,000 deposit on Dec. 11.
The Maxoms were looking forward to moving from their Elmwood home of 42 years into the new facility, which was to feature a conservatory, summer garden, library and several environmentally-conscious elements. Ken added he was eager to move into the handicapped-friendly facility while awaiting surgery on his knees.
Maxom said he is unsure if he and his wife will be able to find another similar complex.
"We got to meet some of the people that put their reservations in, and it was almost like a fraternity," Maxom said. "(The design) appealed to both the male occupant and the female occupant."
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(1 of 12 articles for this week)02/27/2015 2:36 PM 0