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For condo purchasers who have spent months waiting to hear whether or not the stalled McGibbon project will move forward, the answer came in email form in the afternoon on Dec. 4. "It is with tremendous regret that we must inform you that The Residences of The Hotel McGibbon pro- ject has been cancelled be- cause of circumstances be- yond our control that make the project un-finan- ceable," the email from Sil- vercreek Commercial Builders Inc. stated. The email goes on to in- form recipients that their deposits will be refunded by trust cheque and sent by registered mail on Dec. 5. "We are extremely dis- appointed with having to cancel The Residences of The Hotel McGibbon pro- ject after years of hard work and considerable ex- pense," it states. Don Jackson, a vice president with Silvercreek and an agent for the pro- ject, confirmed the cancel- lation Wednesday. He said owners "couldn't achieve suitable financing" for the project, but declined fur- ther comment, referring any questions to an email, info@thehotelmcgib- bon.com. The condo project ini- tially began in October 2015, when Silvercreek Commercial Builders pro- posed to tear down the McGibbon Hotel in down- town Georgetown and re- place it with a 125-unit resi- dential condominium building with a brand new facade. In early 2017, a settle- ment was reached with Sil- vercreek and the Town of Halton Hills that would see the developers preserve a portion of the historic building, while also keep- ing the new condo units to 10 storeys high and adding 20 parking spaces. Since then, the project has been stalled with pur- chasers scratching their heads and waiting for an- swers regarding the status of the build, and not receiv- ing much information, un- til now. For purchasers like Halton Hills resident Randy Kerman, who bought the very first unit at McGibbon, the news is not only disappointing, but puts a halt on living ar- rangements and plans for the future. "I know there's some purchasers who were spec- ulators and were going to rent out the units, but oth- ers were residents in town who were looking to take the next stage of their lives into a condo. It's disap- pointing and frustrating," he said. "And to be honest, my frustration is not with the developer, it's with peo- ple who have caused the delays in this project, be- cause it started four years ago." Kerman, the owner of Silver Creek Financial Services in downtown Georgetown (not affiliated with the Silvercreek devel- opers), ran for council this past fall and has been very vocal about his feelings to- ward development delays in town, which he says have been pervasive over the past few years. "The McGibbon project is sort of near and dear to my heart," Kerman said in an interview with the IFP back in July. "Two other projects in the past 24 months have filed claims with the OMB (Ontario Municipal Board) over failure to make a deci- sion," he said. "There seems to be a disconnect with things." "I'm extremely disap- pointed," said Halton Hills Mayor Rick Bonnette in a media release about the cancellation, sent on Dec. 5. "There was no discus- sion with the Town prior to the notice going out to the buyers and being made public yesterday." The Mayor further states that if the McGibbon project was to be sold in the future, the town would actively work toward at- tracting another develop- er. "My concern is two- fold," he said. "First, I firm- ly believe that a develop- ment like this in down- town Georgetown is the right thing for this com- munity and I want to see it completed. Secondly, and equally important, are the buyers who invested in this project in good faith and laid down good money with the idea of living in downtown Georgetown. I can't imagine how upset- ting the news of the cancel- lation is to them. I encour- age the principals of the project to communicate regularly and openly with the buyers to assist them as much as possible." Kerman added that while purchasers of the McGibbon units will see their deposits returned this week, the downside is that their money has not been earning them any- thing over the last few years. "If the project was com- pleted, those condos would probably be worth 40 per cent more than what we paid for them," he added. "But that's risk-reward." With files from Herb Garbutt and Alex Heck NEWS MCGIBBON PROJECT OFFICIALLY CANCELLED DUE TO 'CIRCUMSTANCES BEYOND OUR CONTROL,' DEVELOPER SAYS VERONICA APPIA vappia@metroland.com Storefronts along the Main Street connected to the McGibbon site remain boarded up. Alexandra Heck/Metroland