The Brampton development site at 253 Queen Street East, slated for three high-rise towers and over a thousand residential units, is now navigating the choppy waters of receivership. The property owner was hit with a receivership order in February 2024 due to a debt exceeding $10 million. Rosen Goldberg Inc., appointed as the receiver, has worked for four months to determine the best way to handle the situation.
On June 14, Rosen Goldberg filed a motion seeking Ontario court approval to start marketing and selling the property. They concluded that the best approach was to engage a qualified listing broker, choosing CBRE. CBRE’s marketing strategy includes extensive market canvassing, an 8-9-week process to secure a purchase agreement, followed by a 60-90-day due diligence period, and closing 30 days after waiving conditions.
The site’s development plans, in progress since 2019, include three towers of 32, 33, and 38 storeys, with 1,026 residential units, 87,000+ sq. ft. of office space, and 20,000+ sq. ft. of retail space. The project plans were designed by BDP Quadrangle and DTAH.
The receivership motion is set to be presented to a judge on June 27.
