Troubled luxury condo developer Cresford Developments has officially kissed its last would-be property goodbye.
The Toronto-based developer infamously experienced a cash crisis and subsequent financial collapse that sent its Toronto properties into receivership, with a number of its developments listed for sale.
Now, in a move that will replace a massive hole in the earth at Yonge Street and Gerrard Street, Vancouver-based developer Concord Adex has received court approval to take over the development that would have been YSL (Yonge Street Living), had it materialized.
The development to stand in its place will be a dramatic one; once it’s completed in 2026, the 95-storey building will be the second tallest residential tower in Canada, forever changing Toronto’s skyline in all of its 299-metre-high glory. Housing 1100 residential units, the towering building will be aptly named Concord Sky.
“We are pleased to have acquired what will be one of Toronto's most iconic tower projects. This will continue our skyline defining presence in Toronto including CityPlace and ParkPlace,” said Terry Hui, President and CEO Concord Adex/Concord Pacific.
Hui says the tower will be a vertical neighbourhood. While details will come later this fall, Concord Adex plans to upgrade the original specifications and enhance the amenity complement, according to a press release.
“The scale of the Concord Sky development is equivalent to 4-5 condo tower projects in Vancouver,” says Hui. “We put our name on Concord Sky and intend to be exceptional stewards of this property for future generations.”
As for the land’s former owners, things were seemingly going well for Cresford up until relatively recently. For two decades, the developer built thousands of housing units. In early 2020, however – when the company was at the helm of four large-scale condo towers – it became evident that the company may be in trouble behind the scenes.
In February 2020, the developer made headlines when it was revealed that its former president, Maria Athanasoulis, filed a 33-page wrongful dismissal claim that alleged Cresford Developments had a “crash crisis” and is failing to pay its contractors and real estate brokers.
At the time, Cresford was building The Clover on Yonge (593 Yonge Street), Halo Residences (480 Yonge Street), 33 Yorkville Residences, and YSL Residences (383 Yonge Street). In her claim, Athanasoulis alleged Cresford needed close to $150-million to finish these projects -- cash the developers simply didn’t have.
It’s safe to say that things then spiralled downhill quickly for Cresford after that. When re-payments went overdue, lenders started to call loans and file notices of insolvency. Then, things really went south.
It didn’t take long before Clover, Halo, and 33 Yorkville found themselves in receivership on March 27, 2020. By June 2020, the development at 33 Yorkville hit the market.
In February 2021, Concord Adex rebranded and acquired the Clover and renamed it Gloucester on Yonge. The 44-storey development will have a “rare” underground connection to neighbouring Wellesley TTC station and will be the first residential development in the country to use the developer’s BioSpace virus and bacteria mitigation systems.
Finally, in April 2021, YSL filed a proposal under the Bankruptcy and Insolvency Act. And now, the fresh plan will bring visions for a shiny new tower back from the dead, turning the current uninspiring hole in the ground into a tower worth bragging about.
