On the verge of bankruptcy, two companies associated with Luma housing, which is the source of a controversial Lago Tremblant real estate project, in the Laurentians, obtained the protection of the law on arrangements with the creditors of the companies (LACC).
A situation which is likely to compromise the delivery of the 72 luxury apartments project, worth $ 100 million, which has been sowing discord since the start of its construction five years ago, near Lake Tremblant.
Read also: Tremblanting Lago: the discord chnton
Since then, barely more than half of the units at a high price have already found takers. Owners today taken hostage with a property that would not respond to promises (a swimming pool among others has never been built) and the financial and legal troubles of its promoter, Cédric Gagnon.
Cédric Grenon, President of Housing Luma
Tremblanting Lago
According to the preliminary documents presented before the Superior Court of St-Jérôme, the two companies belonging to the promoter accumulated, on July 2, unpaid debts of almost $ 12M.
The main creditors are the Caisse Desjardins le Manoir ($ 9.45M), the MP2B INC damage insurance firm ($ 539,230), the company Construction Kingsboro ($ 223,216), the Noddem group ($ 218,816), specializing in the assembly of elevators, and the law firm Lapointein RosenStein ($ 155,821). The city of Mont-Tremblant faces a shortfall of $ 115,697 from the promoter.
A project born in opposition
Launched in 2020, the LAGO construction project had to see the light of day on two vast lots formerly occupied by the Tremblant Hotel Club Lac, an institution that made the heyday of the region before the Intrawest company landed.
Graciousness
Originally, this project was to include 72 units of condos intended for short -term rental (31 days and less), seven elevators, a lounge and a gym, all distributed in two buildings – derige with hillside – and linked together by a bridge. Each unit is offered there for $ 800,000 to $ 2.5 million, before taxes.
However, it was without counting the fierce opposition of the neighborhood which has the means of its ambitions. In summary, they criticize the promoter, among other things, for having appropriated the premises without great regard for the site, the regulations, and above all, non-construction easements.
Graciousness
Under the rules in force, Luma dwellings was thus prohibited, among other things, the construction of a path to allow condos owners to access their underground parking lot. A situation which brought him-to better undertake the construction on the mountainside of an elevator for car, a project also blocked both by the city of Mont-Tremblant as Mont-Tremblant.
On June 25, the promoter placed himself under the protection of the LACC. Since the two companies targeted, 9304-7033 Quebec Inc and 9251-7465 Quebec, and their administrators would continue their restructuring efforts under the supervision of the controller appointed to the file. A judge of the Superior Court also authorized the controller to launch, at the intended time if necessary, a process of solicitation of sale or investment of the assets of the company in difficulty.
Worried “friends”
In a note to its members, the organization The friends of Mont-Tremblantwho campaigns in favor of more harmonious real estate development in this municipality, said he was disappointed with this situation, without being surprised.
MLS
“Since our foundation in August 2021, we have repeatedly warned the city against the dangers of this project.”
The organization is now afraid that the project may not be finished and it considers that the city should think now, “the way it will protect citizens from a development that is not in accordance with the fire safety rules of the Quebec Building Régie”, can be read.
