Condo developments face possible delays as receiver appointed for projects in Mississauga and Brampton
Published January 24, 2024 at 10:45 am
Residential development projects in Mississauga and Brampton hit a snag as the developer faces financial and legal issues.
The Ontario Superior Court of Justice appointed KSV Restructuring Inc. as receiver and manager for several GTA projects by developer Vandyk Properties, according to documents posted on the KSV website.
Lenders claim Vandyk has unpaid loans. None of the claims against Vandyk Properties have been proven in court.
Vandyk has projects in Mississauga and Brampton now listed under receivership.
The Lakeview DXE Club at 1345 Lakeshore Rd. E., at Dixie Road, is a plan for a mixed-use community with two condominium towers at eight and 12-storeys high with 474 units. There are also plans for over 10,000 square feet of retail shops at street level.
Pre-sales for the units were to start in March 2022.
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The property at 1345 Lakeshore East is now vacant. Photo: Google Maps
The land, now vacant, was once the Sheridan Ford car dealership. The dealership closed more than 10 years ago.
There are two Brampton properties at 10194 Heart Lake Rd. and at 10302 Heart Lake Rd. slated for a townhome community called the UPtowns – Urban Progressive Towns.
The project at 10194 Heart Lake Rd. went to the Ontario Land Tribunal but a settlement was reached to build 200 townhouse units with condominium roads, according to City of Brampton documents.
A rendering shows the Heart Lake townhomes.
The townhomes and condo units are listed for pre-sale and buyers for both projects have entered into purchase agreements, according to the receivership document.
“The Receiver is currently reviewing each of the Projects and, at present, no action has been taken by the Receiver with respect to any of the Projects or any purchase agreements between the Companies and the Home Buyers,” the document states.
KSV Restructuring Inc. notes that deposits paid for the Brampton and Mississauga projects are fully insured by Tarion Warranty Corporation and/or excess condominium deposit insurance provided to the respective Companies by Westmount Guarantee Services Inc.
Construction has not started on the projects and it is unclear at this point when they might start.
For more on the receivership, see the KSV Restructuring Inc. document here.
More information on the Lakeview DXE Club project is here.
The Brampton townhome projects can be found here.
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