The 80-acre “active living community” was set to provide 103 townhomes and single detached homes, office and retail commercial space, a self-storage facility, and retirement residences.development to be built in Peterborough has been placed under receivership, according to filings in the Ontario Superior Court of Justice.
The parcels of land comprising Burnham Meadows are owned by 2174542 Ontario Inc., Safe Harbour Homes Inc. and Safe Harbour Developments Inc., and financed by Waterloo-based commercial construction and development financierPlanned for the subdivision were 103 townhomes and single detached homes, office and retail commercial space, a self-storage facility, and retirement residences.The application to appoint a Receiver over the property was filed by MarshallZehr Group Inc.
As a result, “construction and development have stalled for over a year, and the Debtors do not have the funds available to progress with construction,” says Cecil Hayes, President of MarshallZehr, in an affidavit.or piecemeal since July 2023 without success.” As well, “Any sales made prior to July 2023 were often at a loss.”
In June 2022, after defaulting on their loans and failing to secure alternative funding, the Debtors requested additional financing from MarshallZehr but were turned down “as a consequence of the Debtors’ defaults,” says Hayes.
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