The Canadian arts scene has not been immune from the real estate-related challenges plaguing the entire country, with Toronto’s Artscape announcing this week that it will be placed into receivership.The not-for-profit affordable artist studio provider published a business update on Monday, explainin...
Artscape, a not-for-profit affordable artist studio provider, announced on Monday that, after 30 years of operation, they’ve been left no choice but to enter into receivership.The Canadian arts scene has not been immune from the real estate-related challenges plaguing the entire country, with Toronto’s Artscape announcing this week that it will be placed into receivership.on Monday, explaining that, after 30 years of operation, they’re facing an ‘unsustainable’ level of debt.
“While Artscape had begun to see success in rebuilding event venue space revenues, stabilizing operations, and gaining grant funding for impactful programs, the level of debt payments was not sustainable.” “A key part of the restructuring was the targeted sale of Artscape Daniels Launchpad property at 130 Queens Quay East to repay debt owed to its primary lender. Additional lending to maintain operations was also sought. Regrettably, progress to a sale at an appropriate timeline has not materialized and the primary lender has taken steps that will lead to Artscape being placed into receivership.”
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