Change text size for the storyPrintReport an error Mayor Joe Fontana’s dream of reaping political bang from a $300-million mega-project he touted as a huge boost for London’s core may be going bust. More than two years after the mayor unveiled the downtown gateway project, it appears developer Fincore Canada might have difficulty pulling it off, given apparent troubles at a much smaller project outside the city. Fincore isn’t talking about the status of the twin-towered project Fontana announced in his “state of the city” address two years ago. Neither is Fontana, who figured to point to the project as part of his legacy in a re-election bid. Repeated calls for an update from Fincore principal Loredana Onesan, once a fellow board member with Fontana for a charity whose charitable status was yanked, have gone unanswered. The massive anti-aging and wellness development was announced for the north bank of the Thames River, east of Wellington St. Its design features towers of 26 and 18 storeys, linked by medical, commercial and residential components and even a church.Fincore rezoned some land it doesn’t yet own for the development, prompting landowners to appeal to the Ontario Municipal Board. Those issues were resolved and there’s no legal barrier to the project’s first phase on land Fincore owns or controls. The Free Press has learned the company has a troubled history as a developer, raising questions about its SoHo development. A $20-million, 92-suite Oasis Retirement Residence in Dorchester was to have opened in 2013, but remains a vacant field. Construction giant Ellis-Don, which was to manage the job, is no longer involved. And a firm that built components for the project hasn’t been paid. Nearly $2 million in building components it delivered to the site last fall have disappeared in recent weeks. Fincore’s only other development in the area, the $10-million, 55-bed Oasis Retirement Residence in Lucan, opened in 2012 but was taken over by an Oasis funding partner a year later and renamed. The public face of Fincore, Julie Misener, its marketing and communications director, was let go in late July and hasn’t been replaced. She won’t discuss the factors behind her departure. Several months ago, Fincore vice-president Craig Gauld told The Free Press “certain people are saying untrue and inaccurate things about Fincore’s development of the SoHo project.” He insisted then Fincore has “already started the process” to develop its 26-storey tower. Despite repeated calls for comment, ­Fincore provided no update in recent days. The Dorchester project appealed to an 85-year-old London woman, who put down a $1,000 deposit for a suite in the facility. When the complex didn’t open as promised, the woman, who didn’t want to be named, sought and eventually got her money back. “I wanted to be near my neighbours and friends,” she said of moving back to her hometown. “I’m rather disappointed in the whole thing. So, too, is Deputy Mayor Marcel Meyer of Thames Centre, who was at the Oasis ground-breaking last July. “The community expected it fairly soon,” he said, adding, “we are hopeful” it’ll still be built. With all approvals in place, all that’s needed is a building permit, said Thames Centre chief administrator Greg Borduas. Last November, Magest Building Systems of Stratford delivered to the site steel panels it made for the four-storey building. Magest worked with Oasis on the Lucan project and was contracted for fabrication on the Dorchester project, ­Magest president Gary Martin said. “They gave us an order to proceed on Dorchester and we built it. The entire building system was ­produced. “It has not been paid for,” he added. Martin was surprised when told the material was removed from the site several weeks ago — by whom, it’s not known. “Our position is they bought it and we delivered it and they owe us the money,” he said of Fincore and Oasis. Martin declined to value the material, but The Free Press has learned it was worth nearly $2 million. Martin said Magest remains willing to proceed, but has heard nothing from Fincore. Today the site is littered with broken bits of lumber, along with a sign showing the proposed home and a locked sales trailer containing a model of the project. At Ellis-Don, vice-president Brian Waltham said Fincore retained the firm as construction manager and his firm’s logo still appears on the site sign — something he hopes to rectify. “Ellis-Don is no longer involved in the project,” he said. In Lucan, under Fincore ownership, staff members at the Oasis home were fired amid a union organizing drive in 2012. Last September, Marshall Zehr Group, a partner with Fincore, took it over but a company principal declined to say why. Meanwhile, it appears Fincore is looking at other development projects. Several weeks ago, ­Fincore’s Onesan was shown around Stratford by local ­officials. “They were interested in a site for development . . . a larger development,” recalled Mayor Dan Mathieson. Bound by a confidentiality agreement, Mathieson said he has to be careful but it was clear ­Onesan was looking for a vacant site without environmental issues. It’s understood Fincore has also looked at Goderich as a site for another home. chip.martin@sunmedia. twitter. What: $300-million complex, 18- and 26-storey towers, commercial, medical and residential components on north side of Thames River, in SoHo district. Status: Proposed. What: Oasis Retirement Residence, 55-bed seniors’ home; opened June 2012. Status: Acquired by Fincore’s partner in 2013; renamed Prince George Retirement Residence. What: $20-million Oasis ­Retirement Residence; 92-suite facility. Status: Was to have opened in 2013. Status unknown. Lot vacant. When Joe Fontana announced the Fincore project in January 2012, Fincore principal Loredana Onesan had just become a director of Trinity Global Support Foundation. Fontana was a director and later, chair, of Trinity, which in 2012 issued $152 million in charitable receipts. Trinity’s charitable status was revoked in 2013 by the Canada Revenue Agency, which ruled its charitable activities had become secondary to its activity as a tax shelter. Reader's comments »If you already have an account on this newspaper, you can login to the newspaper to add your comments. By adding a comment on the site, you accept our terms and conditions and our netiquette rules. Please enable JavaScript to view the comments powered by Disqus. Share your story, photo or video about something you've seen. 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