The flashy development was supposed to be the cornerstone of the Yonge-Dundas revival, a Times-Square-like effort to revive a decaying neighbourhood. But now it’s broke – and the magazine that bought into the project wants out

(Source: The Globe and Mail)

The billboard that adorns the front of Toronto Life Square this week couldn’t be more appropriate.

The Ugly Truth , a soon-to-open film starring Katherine Heigl, is exactly what lies beneath this year-old development that was supposed to herald the final piece in the never-ending reconstruction of the Yonge-Dundas area.

Toronto Life Square, home to the massive 24-screen AMC movie theatre, Future Shop and an Adidas flagship store, has been placed in receivership, making it the city’s first major casualty of the commercial-real-estate crunch and a sign of things to come.

Adding insult to injury, the magazine Toronto Life has been locked in a months-long legal dispute to remove its name from the project.

Read Joe Friesen’s full article “Toronto Life Square in receivership” in the Globe and Mail (July 17, 2009).

Developments featured in this article

More Like This

Facebook Chatter