The 6.3 acre site was approved for the development of 2,500 residential units of affordable housing, day care facilities, and social services, across four towers.
The vacant 6.3-acre site is located at Courtland Avenue and Brockline Road in Kitchener and was approved for the development of 2,500 residential units of affordable housing, day care facilities, and social services, across four towers. The site sits next to the Brock Line LRT station.
According to the application, Spotlight Developments owes MarshallZehr Group over $20M, for which an official demand was made on February 15, 2024. MarshallZehr has claimed that they have not received payment since that date. The loan in question totalled $19,950,000 and was intended to finance the acquisition of the property, but with interest it has grown to $20,702,261.
Now, TDB Restructuring will take control of the property and market it for sale “for the benefit of the Lender and all other stakeholders.”Four Vancouver High-Rise Projects Set To Be Delayed Due To Weak Strata MarketVictoria Park ‘Housing Now’ Development Moves Closer To Fruition
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