A house fire in the early hours of Wednesday morning is just the latest bout of frustration for a next-door neighbour who says the property has been overrun with squatters and open drug use for the past three years.
As it turns out, 108 Albert Street East is one of those properties, having been purchased by a group of now-insolvent landlords whose 11 corporations received court-ordered protection from hundreds of creditors earlier this year after plunging $144 million into debt and claiming less than $100,000 in the bank.
The now-insolvent corporations helmed by Butt, Ryan Molony and Dylan Suitor are affiliated with SID Developments, SID Management and SID Renos, all of which are based in Burlington, Ont. Together, they are referred to in insolvency court documents as a group of companies “specializing in the acquisition, renovation and leasing of distressed residential real estate in undervalued markets throughout Ontario.
Seven of the insolvent corporations affiliated with SID Developments — including DSPLN Inc. — collectively own 152 properties in Sault Ste. Marie. Court documents show the properties consist of 122 rental units, 79 of which sat vacant as of January. A property standards officer with the City of Sault Ste. Marie issued an order against the owner of the vacant building “some time ago”, building inspections and bylaw enforcement coordinator Frank Bentrovato told SooToday via email Wednesday, with the matter scheduled to be heard in provincial offences court at a later date.
Property Property Latest News, Property Property Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: CTVToronto - 🏆 9. / 84 Read more »
Source: CP24 - 🏆 30. / 67 Read more »
Source: timescolonist - 🏆 15. / 75 Read more »
Source: BurnabyNOW_News - 🏆 14. / 77 Read more »