Church Wellesley Update
News from the Church Wellesley Neighbourhood Association
Two condo towers emerge from receivership
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 (since renamed The Gloucester on Yonge) was partially completed. In June 2020 Concord Pacific took over the project and re-started construction. Concord Pacific is also responsible for completing the rebuild of the park adjacent to The Clover, James Canning Gardens.
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 was still a hole in the ground at the time of the receivership, but QuadReal Property Group took over the project in October and construction has resumed.
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.
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