More problems for a controversial waterfront development in Port Dalhousie. The Union Waterfront development is now in receivership, throwing into further doubt a project that’s been 14 years in the making.
The stunted condo development is also being blamed for stunting the growth of Port Dalhousie.
According to Wolfgang Guembel, Port Dalhousie Business Association, “Before those buildings were closed, this was economically a vibrant core, and since its closure it’s stifled everything.”
The iconic Port Mansion was torn down in 2012 to make way for a 17 storey condo tower, then-called “Port Place.” but the plans were met with opposition because of the projects’ height.
“That’s where they stalled, didn’t get support from the community or city council and that was what prevented them from building a more sustainable version of their plan.” Guembel continues to say.
Fortress Real Development took over the project in 2015 in an effort to prevent bankrupcy. Promising a scaled down 14-story developement called “Union Waterfront.”
Spergal Inc. was court ordered as reciever of the subject property.
But as of Friday, First Ontario Credit Union which holds the first mortgage on the property put Union Waterfront into receivership.
City Councillor Carlos Garcia says its unclear what’s next or if the receiver will sell the property. He says, “If they had proposed something low rise in 2004 it would have been built, everybody would be happy and they would have made lots of money.” But adds he hopes this latest development will pave way for a more successful project and put an end to a 14-year-long saga.
