Real Estate News Exchange (RENX)
c/o Squall Inc.
P.O. Box 1484, Stn. B
Ottawa, Ontario, K1P 5P6
Canada: 1-855-569-6300

Eight Ontario development properties for sale by receiver

Eight potential development properties in the Greater Toronto, Hamilton and Niagara areas are for...

IMAGE: This mid-rise development property on Lyons Creek Rd., in Niagara Falls is among a portfolio of former Go-To Developments properties now being marketed under receivership proceedings. (Courtesy CBRE)

This mid-rise development property on Lyons Creek Road in Niagara Falls is among a portfolio of former Go-To Developments properties now being marketed under receivership proceedings. (Courtesy CBRE)

Eight potential development properties in the Greater Toronto, Hamilton and Niagara areas are for sale by CBRE and Colliers on behalf of KSV Restructuring, the court-appointed receiver and manager of Go-To Developments Holdings.

Seven of the properties are being marketed by CBRE’s Land Services Group.

A separate high-density downtown Toronto development site from Go-To’s portfolio is also listed for sale by Colliers Macaulay Nicolls Inc.

Available for purchase together or separately, the CBRE portfolio includes a variety of development opportunities, ranging from approved medium-density sites to strategically located Whitebelt land, which is strategically positioned next to the existing urban boundary. 

Go-To Developments raised almost $80 million from about 85 Ontario investors by selling limited partnerships for nine Go-To real estate projects, according to a Dec. 6, 2021, court affidavit by senior forensic accountant Stephanie Collins of the Ontario Securities Commission’s enforcement branch. 

High-density downtown Toronto site

The firm was founded by Oscar Furtado, who describes himself on the company’s website as “a senior executive with more than 30 years of experience in increasingly senior and influential roles within the real estate and financial services industry.”

The Go-To assets were placed in receivership on Dec. 10 and the sale process approved by the court on Feb. 9.

The property being listed by Colliers is known as “Go-To Spadina-Adelaide Square.” On the company’s website it is identified as being at the southeast corner of Spadina Avenue and Adelaide Street West, which Go-To says it acquired in April 2019.

A site plan application was submitted in June 2020, the firm says, for a 50-storey mixed-use high-rise.

The bid deadline for this property is April 7.

KSV Restructuring declined to be interviewed by RENX, but the latest documents filed on its website indicate CBRE is aiming for a bid closing date in early to mid-April for the properties it is marketing.

Properties being marketed by CBRE

There are seven projects in the portfolio up for sale by CBRE. They are:

– 19 Beard Pl. in St. Catharines: The 3.4-acre site is approved for a six-storey, 38,696-square-foot residential apartment building with 44 units and 55 parking spaces. Under current medium-density residential zoning, permitted uses include townhouse units, a long-term care facility, home-based businesses, single detached dwellings, apartment and semi-detached dwellings. The Go-To website noted the development site is located minutes away from downtown St. Catharines and “is strategically located to maximize residential development value.”

– 185-215 Major Mackenzie Dr. E. in Richmond Hill: The 1.1-acre site has an application under review to develop 30 three-storey townhouse units with 64 parking spaces. The 18-foot townhouse units would be up to 1,803 square feet. CBRE notes a lack of inventory in the area has allowed developers to command strong pricing, with current 20-foot townhouse projects in the area obtaining up to $1.4 million. “The site provides a significant opportunity for a townhouse development within a highly in demand node of Richmond Hill,” CBRE notes.

– 2334 St. Paul Ave. in Niagara Falls: The 3.4-acre site provides the opportunity to build a 13-storey, 219,378-square-foot condominium with 123 units. Parking will be provided with 15 surface spaces and 160 underground spaces. The development concept proposes 114,872 square feet of landscaped open space on the site.

– 4210-4248 Lyons Creek Rd. in Niagara Falls: The 2.6-acre site has been rezoned for a three- to four-storey, 58,684-square-foot apartment building with 63 units and six townhouse units of three storeys. The planned project would also have 91 surface parking spots and 56,710 square feet of landscaped space.

– 35.8 acres of residential land at 4897-4987 Aurora Rd. in the Township of Whitchurch-Stouffville: A 3.1-acre site at 4951 Aurora Rd. can be acquired as either a single lot to build a new house or for a future development as part of a land assembly. The potential assembly, on behalf of separate owners, is at 4897, 4923, 4963 and 4987 Aurora Rd. and totals 32.7 acres. Both 4923 and 4987 Aurora Rd. have houses with tenants, while 4897 and 4963 Aurora Rd. are vacant. Similar to 4951 Aurora Rd., the properties may be acquired to build a new house or for the existing houses on site, or for future development. If bought as an assembly, CBRE notes there is an existing development application for a residential development of 36 single-detached lots with private water and sewage services. 

– 7386 and 7400 Islington Ave. in Vaughan: There is an application with the City of Vaughan to develop 43 three-storey townhouse units with three or four-bedrooms and private backyards on a 4.4-acre site at 7386 Islington. On behalf of a separate owner, 7400 Islington, which is 1.4 acres, may be acquired on its own or as part of a future development opportunity with 7386 Islington. 

– 31.6 acres of Whitebelt lands along Upper Centennial Parkway and Highland Road East in the Stoney Creek community of Hamilton: According to CBRE, “the site presents an ideal long-term investment opportunity for Whitebelt land. The property will capitalize on any new growth through a boundary expansion in the future.” 

The Go-To Developments website noted “land in the urban boundary is valued significantly higher than land outside the urban boundary. Once land outside the urban boundary is brought into the urban boundary, owners can expect the land price to increase significantly.”

Industry Events