The High Park Alhambra Church, an iconic Gothic Revival structure over a century old, was set to be transformed into a 70-unit condo complex. However, the project at 248 and 260 High Park Avenue faces an uncertain future following a receivership order on May 27, 2024, due to a $42 million debt.
The court appointed Ernst & Young as the receiver over the property and assets of the site owners: 260 High Park Limited Partnership, TRAC Developments Inc., and 2486357 Ontario Inc. This move follows allegations by Meridian Credit Union that the developers owe over $42.2 million. The developers had multiple mortgages, including a $20 million mortgage with Westmount Guarantee Services and a $14.3 million mortgage with Fiera FP Real Estate Financing Inc. Compounding the issue are construction liens totaling over $14 million.
Construction started in November 2019, but progress stalled amid financial difficulties and significant budget overruns. A September 2023 report noted the project’s budget had ballooned to over $95.4 million. Defaults on the credit agreement, including non-payment of property insurance, further complicated matters. With the receivership order now in place, Ernst & Young Inc. will likely arrange a sale of the property to recoup the funds.
