More Bad News For Barrie's Collier Centre
Blog by Matthew & Robert Johnston | September 29th, 2015
Just when residents and future condo owners of downtown Barrie were breathing a sigh of relief, the deal to purchase the Lakeview Condominium Project and the Collier Centre has fallen apart.
Fortress Real Developments was unable to come to a financing agreement with the Laurentian Bank of Canada and as a result have ended their negotiations. Fortress is now able to seek alternate financing and LBC is free to accept another offer to purchase.
The sale had been approved by the Ontario Superior Court of Justice in August but a closing date had not been determined, having been extended seven times in the last month. Part of the reason the financing was a challenge was due to the fact that tenants were unwilling to enter into lease agreements. In fact, Sobeys, which was to be the anchor tenant in the Collier Centre, has walked away from the project entirely, leaving the downtown core without a grocery store. This is not good news for the thousands of Barrie residents who call the downtown "home".
Jeff Lehman, mayor of the City of Barrie, as well as Counsellor Rose Romita, expressed their disappointment with the latest development in the ongoing saga of the project. The Collier Centre and the Lakeview Condominium Project was to be comprised of 82 condo units, an eight story commercial tower as well as street and mezzannine level retail space and with tenants such as Druxy's, Balzac Coffee and Wildfire Steakhouse and Wine Bar, it was sure to be a wonderful addition to the downtown.
The project, which is in debt more than $60 million dollars, is about 65% complete, requiring approximately one full year of work to complete.
Grant Thornton, the court appointed monitor of the Mady development will immediately consider other bids for the purchase of the project.
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