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).