33 Yorkville Avenue | 215.79m | 68s | Cresford | architectsAlliance

willwu

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Today busy.
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innsertnamehere

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How can this project go into bankruptcy? They were charging $2k per sq ft.
Development costs are crazy high, especially here. They paid a pretty penny for the land and have to build an 800 space underground garage at no cost for Green P. That costs money.
 

TheSix

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How can this project go into bankruptcy? They were charging $2k per sq ft.
From my understanding it had more to do with a cashflow problem. They had one too many projects under construction all at once and not enough capital/investors to support the build costs. Is a shame as some of these projects were promising.
 

innsertnamehere

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Why is a parking garage necessary at Yonge and Bloor?
Because it's full of rich people and rich people don't take transit.

Seriously, the parking rates in this area are some of Green Ps highest and they are still expanding parking capacity in the area.

I also believe it's because a lot of the office buildings don't have much parking around here either.
 

WislaHD

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From my understanding it had more to do with a cashflow problem. They had one too many projects under construction all at once and not enough capital/investors to support the build costs. Is a shame as some of these projects were promising.
And that is allegedly because the COO was operating under false assurances from the CEO/CFO about the state of Cresford's finances.

I agree, it is a shame. Cresford's team was delivering some great projects.
 

travis3000

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Who knows what's going to happen here. I was really excited to see how 33 Yorkville and YSL turned out. Will another builder buy these towers?
 

ChesterCopperpot

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And that is allegedly because the COO was operating under false assurances from the CEO/CFO about the state of Cresford's finances.

I agree, it is a shame. Cresford's team was delivering some great projects.

There are quite the allegations in the countersuit against the former COO in the documents posted on the receivers website.
 

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