Settlement agreement between the Town of Gravenhurst and The Rosseau Group was approved by OLT chair Dale Chipman, who deemed the project as “good planning and in the public interest.”
The Cherokee Lake/Starboard project, which includes a comprehensive mixed-use development on commercial and residential lands, will feature a seven-storey condominium building, underground parking, and a two-storey boathouse.
The Rosseau Group Inc. Rosseau was a real estate developer. Rosseau entered into an agreement of purchase and sale with 2528061 Ontario Inc. to buy land for development purposes. Once the land had been rezoned and subdivided, Rosseau planned to sell the serviced lots. At trial, it was estimated that Rosseau would make a profit of around C$10 million to C$12 million dollars from the sale of the serviced lots. The vendor failed to close, and the land had gone up in value since the agreement of purchase and sale was signed.
The Rosseau Group Inc. (Rosseau) was a real estate developer. Rosseau entered into an agreement of purchase and sale with 2528061 Ontario Inc. to buy land for development purposes. Once.
This column was originally published on RENX.ca. When a deal to buy and sell land for development goes awry, an innocent purchaser can sue for the damages suffered.