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3| The IFP -H alton H ills | T hursday,June 28,2018 theifp.ca The future of downtown Georgetown's largest condo development is unclear, amid reports that the finan- cial backers of the project are re-examining its viabili- ty. Halton Hills chief admin- istrative officer (CAO) Brent Marshall says that the developer, Silvercreek, has been in talks with the town and is awaiting a decision on the future of the McGibbon condominiums. "They're still waiting for decisions to be made by the financial team," said Mar- shall, explaining that the de- cision to carry on with the project would be made by a group of 50 or so investors. "I think there's a lot of things that fit into the finan- cial picture," said the CAO, explaining that the compa- ny marketed the project ear- ly, selling over 80 per cent of the 125 units. However, the landscape of the housing market has changed in the past year, causing a number of condo developments around the GTA to go belly up. "It's not their fault," said Marshall of Silvercreek and its investors. "It's a complex series of things they have to think about." Don Jackson of Silver- creek was not available for comment, but in an inter- view in late May confirmed plans for the McGibbon were still ongoing. "We continue to work on the project," he said, ex- plaining that the company is continuing to try to meet the nine criteria. "The most sig- nificant one was heritage ... the hardest one was done." He says the sales centre closed in Georgetown be- fore they started prepping for the build. There is significant engi- neering work that must be done, said Jackson, as well as the hydro plan. "This is not an easy task," he said, explaining that Sil- vercreek is working closely with Halton Hills Hydro. "You have a lot of complexity down there, it's a tight area." Marshall says the town has not been made privy to the criteria that backers are using to weigh the feasibili- ty of the project, and that the financial aspect of the pro- ject is not the town's busi- ness. "I think no doubt some extensive time was spent on the heritage component," said Marshall. Silvercreek fought an Ontario Municipal Board (OMB) appeal to allow the condominium development in Georgetown's downtown, while preserving the heri- tage features of the original McGibbon Hotel, built in the late 1800s. The resolution brought forward by the OMB out- lined nine criteria that the developer would have to meet in order to gain ap- proval by the town, includ- ing a heritage preservation plan, a construction plan to mitigate effects of closures on the downtown business- es, the displacement of pri- vate utilities, and a payment of $500,000 cash to the town. "We've had a very good relationship with Silver- creek. They're been quite open and transparent," said the CAO, adding that the owners of the company live in Halton Hills. "They have to live here, they have to play here." The CAO says that if the developer chooses not to go forward with the develop- ment, they would at that time work as a catalyst to keep the project running in some capacity. "Our options are some- what limited, but we would act as a catalyst to try and find a solution," he said. "No one wants to see a building boarded up." That being said, the CAO noted that any speculation in that regard is being pre- sumptuous. "Our role is to help them get through this," he said. DOES THIS AFFECT YOU? Are you impacted by the stalled McGibbon condo in Georgetown? Email aheck@metroland.com. NEWS McGibbon condo stalled as investors evaluate feasibility ALEXANDRA HECK aheck@metroland.com Storefronts along the Main Street connected to the McGibbon site remain boarded up. Alexandra Heck/Metroland 45 Mountainview Road North, Georgetown, Ontario 905.877.7958 e-mail: hassellsauto@bellnet.ca • www.hassellautomotive.comSALES & SERVICE It's official! Chuck Bryce retiring! Please join us for an open house on Friday, July 6 from 3pm - 6pm ONE WEEK SPECIAL! 2008 Pontiac G6 GT! Leather, Loaded! 206,626 kms $7,500 plus taxand licensing