A Vaughan mid-rise residential development site dubbed the "Marquis Condominium," which entered into receivership back in May, was recently listed for sale by Colliers for an unlisted amount.
The 42,243 sq. ft site is located at 9630 Islington Avenue on the northwest corner of Islington and Napa Valley Avenue in Vaughan's Woodbridge neighbourhood, midway between Major MacKenzie Drive and Rutherford Road.
While in the possession of Vaughan-based construction company Crystal Glen Homes, the site received approvals to develop a five-storey residential building with a total gross floor area of 73,319 sq. ft and 89 dwelling units, consisting of 51 one-bedroom units and 38 two-bedroom units. The project is also approved for a rooftop amenity space and two levels of underground parking with 107 parking spaces.
Colliers describes the listing as being located in the "vibrant, family-oriented neighbourhood of Sonoma Heights, surrounded by a plethora of amenities, such as Vaughan Mills Mall, Canada's Wonderland, schools, parks, a community centre, entertainment venues, a library, Cortellucci Hospital, and major highways."
9630 Islington Avenue/Crystal Glen Homes
Currently, the site, which houses a vacant single-storey house, remains in the pre-construction phase due to the project coming under receivership in mid-May.
The project's financier, DUCA Financial Services Credit Union Ltd., applied to have MNP appointed as receiver in late-April — a request that was granted after Crystal Glen Homes failed to appear in court.
DUCA pursued the receivership after Crystal Glen Homes failed to repay an amount of $6,328,517 lent to the construction company for the purposes of developing the lands at 9630 Islington Avenue, solidified in a commitment letter in June 2022. As security for the loan, a General Security Agreement was granted by Crystal Glen Homes, amongst other securities, which provided that in the event of a default by the Debtor DUCA was entitled to appoint a receiver.
Then, in late-October 2023, SRN Architects Inc. registered a construction lien in the amount of $297,824 on title to the property — a breach of the loan commitment. In response, DUCA made formal demand for repayment of the debts in June 2024.
A late-March 2024 Forbearance Agreement, which allowed Crystal Glen Homes more time to sell or refinance the property, was granted following the formal demand for payment, but the developer failed to secure financing and, as of mid-April, still owes DUCA $6,532,057, not including legal fees or forbearance fees.
The presiding judge sided with DUCA and on May 16 and appointed MNP as receiver, manager, and construction lien trustee of the property and its undertakings. Now, Colliers has listed the site on behalf of MNP.
