Half-built Toronto condo that went into receivership is back on the market for $1

The High Park Alhambra Church, once a beacon of worship and then a promising new condo development, is now more of a partially built ruin wrapped in scaffolding, its future uncertain.

Located at 248 and 260 High Park Ave., the historic building had been earmarked for an ambitious adaptive reuse condo development project.

The plan had been to convert the century-old church into a sleek, four-storey, 70-unit condo. 

And things were going smoothly. 

The site officially broke ground in November 2019, and according to the sole update on the project's website, by June 2021, shoring and excavation were fully completed, formwork and concrete work on parking level 1 was "well underway," and a tower crane had been installed, enabling full-scale construction to proceed.

But like many high-profile projects across the GTA, this one hit a wall.

In 2023, work on the site came to a standstill, and court filings reveal that trade contractors left the project "due to liquidity issues and other delays."

Then, earlier this year, the development was placed into receivership amid claims from Meridian Credit Union regarding more than $42.2 million in outstanding debt.

Now, just four months later, the High Park property is for sale.

On October 1, the Ontario courts gave the green light for CB Richard Ellis Limited (CBRE) to handle the marketing and sale process. 

As of Friday, October 18 the property is up for grabs with a rather startling price tag—just $1.

Yep, you read that right. For a loonie, you could theoretically own this "1.2-acre site" with a "partially built development opportunity."

Of course, the fine print reveals that the $1 price is more symbolic, and the actual price they're looking for will undoubtedly be substantially higher – likely enough to at least cover the debts owed. 

blogTO did reach out to CBRE to get an insight into what the true asking price would be but there was no response at the time of publication. 

The receivership report, filed by Ernst & Young Inc. in late September, outlines a detailed sale process, and in short, the sale will unfold in two rounds, with a bid deadline set for November 22.

So CBRE is now on the hunt for a buyer willing to complete the building.

But until that happens, the future of 248 and 260 High Park Avenue hangs in the balance, as do the 64 of the 70 units that have been pre-sold to date. 

One thing's for sure—the saga of the High Park Alhambra Church is far from over.