Recent content by sprtn

Interesting cases but I don’t think they relate to the issue here, both scenarios dont have the developer in receivership. In one case the same developer cancelled contracts rebranded the project and sold for higher prices. unfortunately a receiver has broad rights to make decisions like (to...

There was about 10 live work units in the Stewart building that the previous development applications would have been required to relocate/replace in a new proposed tower. Once the expropriation happened I believe they all received termination notices to vacate. Correct me if I am wrong but...

Local municipal counselor in the local Facebook group says he spoke with the developer and it’s a change of GC and construction should be resuming soon. Let’s see if that’s how it plays out, the new trailers play along with this narrative.

Unfortunately no movement since these photos. I think this project likely has gone bankrupt

They were a building tenant!

According to the affidavit, The tranche A debt to the senior lender (>$300M) was 9% and had multipliers if certain dates were missed and as of the filing was at 21.5!!!. Far worse than I think any of us thought.

I’ve heard metrolinx has completed the expropriation of the building entirely for the new station so The existing project is done.

Capreit confirmed it’s disposition of this asset today for $56M

This is a CAPREIT rental building, that they still have a listing up for (https://www.capreit.ca/apartments-for-rent/toronto-on/isabella-apartments/). This is a long standing property of theirs in the GTA, interested to see if they sold or I wonder if this is how they are doing their...

I hear it's an expropriation and not leased. The loss of parking will be an issue as the underground levels will now be much tighter, it's already a small space - I'm sureTC/HV will look into underground automatic parking systems.

They may be referring to the bank's quarter as they have a fiscal year end of October 31. If they had received an internal communication this could be the case.

the 1 story shops are existing,

Looks like it could also be parking lot shut down by the city as they do not have a hard surface, lines, lighting etc. Cost justification between compliance and monthly revenue...