Zakiya is a staff writer with STOREYS. She has reported on real estate for Apartment Therapy, Curbed, and Post City Magazines. She also writes a quarterly series for a Canadian design publication.
Four months after receivership was granted, the receiver has filed a motion record that, in part, is seeking approval to begin the marking and sales process for the property, which is poised to accommodate three residential towers.It seems like you can’t turn a corner in the Greater Toronto Area these days without running into a development site in limbo — and for some of those sites, a receivership order is pending or already in effect. It’s pretty grim.
Based on those proposals and discussions, it was determined that CBRE would be the best choice for a listing broker, according to the motion — which will be presented to a judge on June 27. After receiving notice from its banker on November 7, 2023, that stop payments had been placed on the first two of those instalment cheques, and issuing a “formal demand for payment” in the amount of $10,447,829 on November 22, Homedale opted to pursue receivership.
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