The developer of the Residences at Terra Nova has confirmed that up to Friday, November 4, most managers' cheques for refunds to apartment depositors in the development had been dispatched.
The Hussey family announced last month that it has scrapped plans to develop the apartments in what was suppose to be a mixed-use business development.
In a statement on Saturday, the family said none of the depositors' funds was used in any phase of the development, but all were held in escrow.
The family also outlined that the project has been funded entirely from its resources.
In the meantime, the reconfigured plans for the Residences at Terra Nova are being developed even as the company moves to obtain the requisite approvals for the hotel that will now be built.
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