On March 27, two Cresford Developments condo projects in the neighbourhood (and a third one in Yorkville) were placed in receivership at the request of lenders, who alleged financial mismanagement.
The Clover at 599 Yonge Street, between Dundonald and Gloucester, is partially completed and it is likely another developer will take over the project in the near future. Cresford was responsible for rebuilding the park adjacent to The Clover, James Canning Gardens, While there may be a delay in the park construction, work should soon recommence.
The other local project under receivership is Halo, at the southwest corner of Yonge and Grosvenor (notable for the preserved historic clock tower). This project is still a hole in the ground, so if may take longer for another developer to step in and take the project over.
As a part of the receivership process, it is possible that those who purchased condo units pre-construction will have the sale cancelled and deposits refunded.
The receivership documents are available on the Price Waterhouse Cooper website.