[KAR246]

A nearby restaurant owner who's a family friend of mine said the owners of this project disappeared - fell off the face of the earth kind of thing. Can also confirm this project is no longer listed on the Oakville developments page, and as of yesterday (September 27), there was zero equipment on site, just a dumpster. Even the office and the handful of shipping containers that were near it are gone.

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Could it be that they are preparing a switch to rental or waiting for the market to recover? To my knowledge this one hasn't sold its units yet. Also, projects are removed from the town's developments page after a certain amount of time after approval, not based on if the project is active or not.

 

[ojloaf]

A nearby restaurant owner who's a family friend of mine said the owners of this project disappeared - fell off the face of the earth kind of thing. Can also confirm this project is no longer listed on the Oakville developments page, and as of yesterday (September 27), there was zero equipment on site, just a dumpster. Even the office and the handful of shipping containers that were near it are gone.

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Brilliant... another wasteland of what could have been.

 

[artyboy123]

Bronte Lakeside project placed into receivership after construction liens and tax arrears escalate

Court appoints Albert Gelman Inc. to take control of stalled 203 unit Oakville condominium site as CMLS enforces $19.1 million mortgage

insolvencyinsider.ca

"CMLS Financial secured a receivership order on December 2 placing the Bronte Lakeside condominium project under the control of Albert Gelman Inc. after the Court found that multiple events of default had persisted for months and no credible plan existed to repay the accelerated debt. The order captures all assets of Bronte Lakeside Ltd. along with the beneficial interest of Bronte Limited Partnership in the Oakville development lands.

The project was conceived as a six-storey, 203-unit luxury condominium marketed as The Residences at Bronte Lakeside. Although the developer entered into pre-sale agreements, no structural construction ever began on the site. The financing structure included a $19.1 million mortgage advanced under a November 2024 commitment letter, supported by a general assignment of rents, a general security agreement, and an assignment of the pre-sale contracts. Bronte Lakeside Ltd. held title strictly as bare trustee for Bronte Limited Partnership which executed a parallel authorization binding it to the mortgage terms.

The capital structure began to unravel in mid-2025 when construction liens surfaced on the property. The first liens appeared in June and grew to more than $1.2 million by the fall. The mortgage required timely discharge of liens within a 10-day cure period, and the failure to meet that obligation triggered an event of default that accelerated the entire loan. CMLS demanded repayment on September 11 for approximately $18.5 million plus fees. Municipal taxes also fell into arrears in the amount of $114,239.55 as of October 2."

Another news of developer going insolvent....

 

[just east of the creek]

Maybe it’s time for stress testing of a developers financial resources before we hand out permits. A stress test to test the ability to complete a Developement….otherwise we are left with scenes like this, a potential parking lot for the ‘Firehall’……

And worse, we could end up with a bevy of Doug.s friends looking for a MIZO to drop in some uglier than sin zone busting megalith.