Contessa Developments’ plans to bring a 22-storey purpose-built rental building to the site have forcibly come to a stand-still after receivership proceedings were initiated last summer.In early 2020, Contessa Developments nailed down their plans for a site at 5509 Dundas Street West.
That request was not immediately obliged. In the months that followed, a receivership order was “held in abeyance” to allow the debtors the opportunity to refinance or sell the property, according to athat was prepared more recently by public accounting, tax and advisory firm, BDO. The debtors were ultimately unable to secure a sale.
Notably, the court documents reveal that in addition to the $17.5M owed to Centurion, the debtors also owed $5.43M to Pesciolino Holdings Inc. and $1.574M to Mapleview Pear Tree Inc. for a total debt load of $24.504M as of April 2, 2024.to market the property and broker a sale. It could be a decent development opportunity for an investor interested in tapping into the “rapidly intensifying” Etobicoke Centre ward.
Source: Real Estate Daily Report (realestatedailyreport.net)
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