They were supposed to get a new train station. Instead, Mimico residents are 'staring at a hole in the ground'

They were supposed to get a new train station. Instead, Mimico residents are 'staring at a hole in the ground' | CBC News LoadedThey were supposed to get a new train station. Instead, Mimico residents are 'staring at a hole in the ground'

The agreement would have seen the developer rebuild the aging station alongside a new mixed-use community featuring thousands of homes, commercial space, green space and more. The station currently serves about 1,751 riders daily and that's expected to triple by 2031, according to Metrolinx. This rendering shows an elevated view of Vandyk Properties' plan for the Grand Central Mimico project.

Farrell said the lack of parking is a major issue as commuters who can't find a space at the station end up parking on local streets, taking up vital spaces that could be used by potential customers at local businesses. A receivership is a legal proceeding that secured creditors can use to have a third party appointed to take control of a company's business or property to recover loans from borrowers who have defaulted.Lenders who helped bankroll Vandyk's land purchases and pre-construction condo and townhome projects in Brampton, Mississauga and Toronto claim the developer owes them more than $300 million and began defaulting on its loans last year, according to the documents.

"By engaging the private sector, you bring in market risk and you bring in the risk of the individual company," he said. "It's those two risks that in each of these cases have … just stalled out these projects."

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