Artscape, which manages several buildings in the city and owns some, told tenants and homeowners it is entering receivership on Monday.
Tahirih Vejdani, an actor and singer, who owns a space in an Artscape building at Dundas and Jarvis streets, where she lives and works, says the news has sent fear through those living in the buildings as to what it means for them. The organization has not yet been able to provide much clarity to tenants or homeowners about how they will be impacted, she said. Nor was it available to answer questions from CBC Toronto Tuesday, instead pointing to a statement on its website.
"It gave a sense of security… being able to afford a place in the heart of Toronto and not feel the risk that I'd have to leave because of rising rents or anything like that," she said.Artscape says it commenced a financial restructuring plan several months ago, after a challenging pandemic period for the organization. It attempted to sell its Launchpad property on Queen's Quay East to repay debts, but was not able to sell the property, its statement said.
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