(Source: The Toronto Star)
Click below photo to watch video
As failures go, this is one of the most successful in the city’s history. Despite the fact the company behind Toronto Life Square has gone into receivership, the project is by all accounts doing just fine, thank you very much. In case you’re wondering, Toronto Life Square shouldn’t be confused with Yonge-Dundas Square across the road. The latter really is a square, the former a building.
Constructed on land expropriated by the pre-amalgamation City of Toronto in the late 1990s, the massive entertainment complex was developed by a subsidiary of PenEquity Realty Corp. From the start, however, the project was nothing but trouble for the firm. Work on the building began five years behind schedule, and only after a series of setbacks. At one point, Disney, a prospective tenant, simply walked away from the table, leaving PenEquity in a state of open-mouthed shock.
Read the full article by Christopher Hume “Building a winner in midst of failure” in the Toronto Star (July 23, 2009).