Hi Michael,
this condo building/complex must be a new build and the builder is, over time, giving possession to the owners of each unit. At a certain point when the occupancy/ownership is about 75% / 80%, the builder then goes to the city/municipality and obtains condominium registration and status for the building/complex.
As always, do your due diligence using the condo due diligence check list available for download in the forms section on myreinspace.
Sincerely,
Donal.