The Gloucester on Yonge | 147.82m | 44s | Concord Adex | a—A

AlbertC

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Former Cresford Developments president alleges ‘cash crisis’ at condo firm

SHANE DINGMAN REAL ESTATE REPORTER

The filing describes escalating construction costs for key inputs such as steel and concrete beginning in the fall of 2018. Ms. Athanasoulis said the Clover project was facing $50-million in extra costs, at the same time the Halo project faced overruns close to $45-million. The lawsuit cites a third-party review by cost consultants CB Ross that is said to show 33 Yorkville’s budget needed another $65-million. Some of those bills were paid, but others remained outstanding.

 

AlbertC

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Current condition. There were a few workers on site, Saturday as well.

Feb 22, 2020

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