Purchasers who put down pre-construction deposits for the Kingsclub condo complex on King St. W. were surprised to learn that Urbancorp is cancelling the project. Urbancorp is planning to build three towers of rental apartments instead. This is the second cancellation of a condo project in downtown Toronto in the past few weeks. The Toronto Star quoted Denise Lash on the clauses in purchase agreements that allow developers to abandon a condominium project.
