Developer Concord Adex has received court approval to take the former YSL Residences project out of bankruptcy, according to reporting by The Globe and Mail this week.
YSL Residences, also known as Yonge Street Living, was created by Toronto-based luxury condo developer, Cresford Development Corporation. In March 2020, three of Cresford’s high-rise condo towers — The Clover on Yonge, Halo Residences and 33 Yorkville — entered receivership with PricewaterhouseCoopers, who was appointed as the receiver and manager of assets. In April 2021, a little over a year later, YSL filed a proposal under the Bankruptcy and Insolvency Act as per The Globe.
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Concord Adex will replace YSL Residences at Yonge and Gerrard streets with Concord Sky, a 95-storey and 299-metre tall tower that is scheduled for completion in 2026. A new website has been created for the project.
According to a press release, it will be Canada’s second-tallest residential tower and the fourth tallest structure overall. By comparison, Mizrahi Developments’ The One opted to extend its height to 338.3 metres (94 storeys) earlier this year, taller than Pinnacle International’s Skytower at 95 storeys and 312.5 metres.
Old data on BuzzBuzzHome stated that YSL Residences was slated to reach 85 storeys with over 1,100 units. Kohn Pedersen Fox Associates and architects—Alliance, the original architects on the project, are expected to stay involved in the development, but it has been confirmed to BlogTO that the latter firm will be “moving the revised plan forward.”
Concord reportedly spent $167 million on the deal, $30.9 million of which was used to cover unsecured creditor claims, pay out a mortgage to Timbercreek Financial Corp. and other related loans. Approximately 700 of YSL’s 1,100 units, and the bankruptcy process, “does not allow Concord to renegotiate purchaser agreements,” according to The Globe. The remainder of the units on the upper floors are to be sold.
“It’s not an easy process … We managed to come up with a good solution that all parties are happy with. It’s taken a little bit longer than we anticipated, but these are complicated projects,” Isaac Chan, vice-president of sales and marketing at Concord Adex, told The Globe.
In February, Concord Adex announced that it was rebranding and relaunching Cresford’s former Clover on Yonge development as The Gloucester on Yonge. The company acquired the development site in June 2020 according to reporting from the Toronto Star. Completion of the 50-storey tower near Yonge and Wellesley streets is expected for March 2022.
Pemberton Group purchased 33 Yorkville Residences out of receivership, a move that cancelled all existing buyer contracts, The Globe reports. Halo Residences on Yonge was reportedly purchased by 494 Yonge Street Inc, a holding company managed by QuadReal Property Group LP, and is anticipated to be converted into a purpose-built rental project.
Concord Adex, a subsidiary of the Vancouver-based Concord Pacific, is known in Toronto for its development of the master-planned CityPlace community, which includes Parade, Concord Canada House and Luna.