33 Yorkville Avenue | 216m | 68s | Cresford | architectsAlliance

AlbertC

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With the wooden hoarding replaced by a chain linked fence recently, I wouldn't be surprised if activity on site comes to a halt once excavation is completed. And paused until a new purchaser has been announced with a strategy on how to move forward with this project.
 

mikejb

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1,805 Cresford purchasers in limbo as receivership process wears on

May 13, 2020



I heard yesterday the sale process is going to start in the next week or so. The market will get a look at this, and the other projects and determine what to do from there.
 

AHK

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From today's Globe & Mail - ad below:

What I would assume this means is that the existing development is being cancelled, with existing purchasers getting their deposits returned - except for upgrades for which they may have made any payments. My understanding is that amounts paid for upgrades rank as general unsecured creditors in the restructuring - so presuming it is Cresford's development specific legal entity which is conducting the sale, and the site obtains a good price, any balance of funds left after payment to the secured creditors, could become available for proportionate distribution to the unsecured creditors, including potential refund of their upgrade costs.

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Stefan

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Here's another "Investment Summary" brochure by RBC & CBRE:


One interesting tidbit on page 4:

"A potential purchaser may propose to capitalize on existing sales contracts or re-envision and relaunch the project to take advantage of any upside in condominium pricing. Alternatively, a purchaser may propose to convert one or both towers to rental to leverage Toronto’s historically tight apartment leasing market fundamentals."
 

travis3000

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^ So basically, everything is up in the air. It really depends on what the new purchaser has in mind. It could go as planned , or be re-launched completely with a new design.
 

ProjectEnd

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It wouldn't be radically different - their approval is based on a negotiated Map 2 which locks in heights and setbacks. The most you'll see is changes to the cladding etc., unless the new owner wants to reopen the entitlements (which i doubt they will).
 

rbt

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It wouldn't be radically different - their approval is based on a negotiated Map 2 which locks in heights and setbacks. The most you'll see is changes to the cladding etc., unless the new owner wants to reopen the entitlements (which i doubt they will).
I could see a complete restructuring of the unit mix; those small 1 beds might be a tricky sell for the next year. Or even turn one building into rentals.
 

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