Another setback for the Port Dalhousie development project
Another snag for a development in Port Dalhousie.
Councillor Carlos Garcia says First Ontario Credit Union which holds the first mortgage on the property put Union Waterfront into receivership.
Papers were filed on Friday.
A statement from Fortress Real Developments states, "On August 3rd 2018, a receiver was appointed for the Union Waterfront project in Port Dalhousie to manage the interests of the first mortgagee, FirstOntario Credit Union. The project is not in bankruptcy and Fortress will be working alongside the receiver to guide the project through the approvals process. All parties strongly believe in the proposed project and are committed to seeing it through to a successful conclusion."
Garcia says it's unclear what happens now. They don't know if the receiver will sell the property.
The latest plan was for 220 condo units.
Bruce Timms – St Cath Regional Councillor