650 Parliament Update from Building Management

Tenant Assistance Programs to Continue through April; Fire Damage Proves
Extensive; Re-Occupancies Still at Least Six Months Away

TORONTO, Nov. 23, 2018 /CNW/ - Following ongoing dialogue with City of Toronto Mayor John Tory, our insurers and input from building residents, the management of 650 Parliament today released information on the status of the residents dislocated by the August 21^st fire.  Management announced that its current resident assistance program will be extended through April 2019 and offered new insights into the anticipated scope of work and time frame towards the building's re-occupancy.

According to management, 100% of residents who have communicated with building officials since the fire have - with the assistance of area rental housing providers, friends and family and hotel operators - found housing.

"We have been working tirelessly to help secure temporary and permanent housing options for all of our residents," says 650 Parliament spokesperson, Danny Roth.  "We have also begun the monumental task of assessing the damage caused by the fire and have deployed the necessary resources towards the process of rehabilitating the property."

This effort has revealed significant damage to the building caused both by the fire and the aftermath.  Catastrophic damage was caused to the entire electrical and mechanical systems, while fire, smoke and water have impacted suites and common areas.   

"Current assessments of the repair work required to safely re-occupy the building suggests a construction timeframe of another six months, at a minimum, before residents will be able to return home," says Danny Roth.  "Given this prolonged, yet necessary period, we are permitting residents to seek early and immediate termination of their leases at 650 Parliament to pursue alternative, permanent housing options."

To help facilitate this process, management will allow tenants seeking termination to cancel their lease.  Those who terminate will receive a relocation stipend of $5000, an additional $2500 for furnishing assistance, and the return of any LMRs (last month rent) currently held in trust.

Tenants who choose not to opt for early termination will continue to see their existing leases maintained, and are eligible to continue to receive temporary housing assistance, including the continuation of hotel accommodations, and other allowances until April 30, 2019.

"While ownership is aware of the challenges and difficulties the fire and dislocation has created for our residents, the scope and impact of this event has created a condition of unprecedented magnitude," says Danny Roth.  "As has been reported, nearly 1500 people found themselves suddenly thrust into a housing market that is struggling with an affordability crisis and a historic low level of rental vacancy. 

"Market conditions, coupled with the unparalleled financial burdens created by the fire and the building's reconstruction has challenged our ability to satisfy the very real and very compelling needs of our residents," adds Roth.  "However, with the cooperation of our residents and the support of the city and our insurers, we are striving to meet the challenges we face in a responsible manner." 

SOURCE Wellesley Parliament Square Management

News Media Contact: Danny Roth, Brandon Communications, T: [phone], E: [email protected]