Toronto Life Square has gone into receivership

The Toronto Star is reporting that the Toronto Life Square -  has gone into receivership.

from The Star..

In case you're wondering, Toronto Life Square shouldn't be confused with Yonge-Dundas Square across the road. The latter really is a square, the former a building.

Constructed on land expropriated by the pre-amalgamation City of Toronto in the late 1990s, the massive entertainment complex was developed by a subsidiary of PenEquity Realty Corp. From the start, however, the project was nothing but trouble for the firm. Work on the building began five years behind schedule, and only after a series of setbacks. At one point, Disney, a prospective tenant, simply walked away from the table, leaving PenEquity in a state of open-mouthed shock.

Of course, Toronto Life Square – the building – isn't much to look at. Big, grey and hopelessly plain, it had almost nothing going for it other than its location, but what a location.

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