The Dundas West development site at 5507-5509 Dundas Street West in Etobicoke is now on the market following court-approved receivership proceedings. This nearly vacant property, currently housing a single-storey commercial building, has zoning approvals for a 22-storey, mixed-use building with 265 rental units.
The Ontario courts authorized the sale and investment solicitation process (SISP), the final step before public listing, in April 2024. BDO Canada, the receiver, initiated the SISP on May 16, 2024, with teaser and bid letters distributed on May 20 followed by public advertisements. The development property is now officially listed and a bid deadline is set for June 28, with an auction on July 5, and a closing date expected by July 29, 2024. The court order has approved a stalking horse sale agreement at $9 million, requiring new bids to exceed this offer by at least $100,000.
The receivership began last summer when Centurion Mortgage Capital Corporation pursued action against companies associated with Contessa Developments. Centurion alleged $17.5 million in unpaid debts, leading to a receivership order on April 14 after unsuccessful attempts by the debtors to refinance or sell the property.
