canazian
New Member
I've heard the court has ordered the site to be sold.
https://www.ksvadvisory.com/insolvency-cases/case/forme-development-group-inc
https://www.ksvadvisory.com/insolvency-cases/case/forme-development-group-inc
The most endangered project is Danforth Square, a presold 279-unit condominium proposal in which the landowner, Forme Development Group Inc., is going through a Companies’ Creditors Arrangement Act sale process. On May 21, the court-appointed monitor KSV Advisory Inc. sought permission from the judge overseeing the bankruptcy to return deposits to prospective apartment owners, a move that would effectively cancel the development.
Revised Application The revised application under new owners (Caishen Capital Group Ltd) proposes the redevelopment of the subject site with a 10-storey (220 units) mixed-use building fronting Danforth Road, three blocks of stacked townhouse units (70 units) and 21 regular townhouse units. A total of 311 residential units are proposed, with a total residential gross floor area of 24,663 square metres. In addition, 122 square metres of non-residential gross floor area is proposed within the mixed-use building on the ground floor. A total gross floor area of 24,124 square metres is proposed, resulting in a gross FSI of 1.8 (net FSI 2.1). The existing appeal to the LPAT (Case No. PL180257) filed by the previous owners Forme Developments on March 14, 2018, continues to apply to the development. Original Application Revised submission of February 26, 2018. As with the last circulation of May 9, 2017, the proposed extension of Blamblett Road has been shifted further south. Stacked townhouses (66) are now proposed north of the new Blamblett Road and 18 freehold townhouses and two semi-detached dwellings (containing 4 units) are now proposed on the south side of Bramble and west of the new Dairy Road extension. The applicant also proposes a 178 unit, 10 storey residential building with 8 retail units (at grade) on lands fronting Danforth Road.