A sales brochure from CBRE describes the site as “a unique 1.8-acre infill development opportunity” with zoning approvals in place to permit 27 townhomes, as well as a 9,410-sq.-ft. commercial building.over a 27-unit townhome development known as Ajax Meadows, the development site at Rossland Road West and Harkins Drive has hit the market.
“It’s important to note that the Town is ready to stamp/approve the drawings to issue the site plan agreement as there are no outstanding comments left to address in the SPA application.” On top of all of that, the listing gets big points for location, location, location. Per the brochure, the development site is situated in the Central West neighbourhood of Ajax, which is projected to see a 9.6% population increase over the next four years.
After Ajax Meadows missed that deadline, the lenders “agreed to informally forbear from demanding on the loan for a limited period of time, in their discretion, provided that interest was kept current at the ‘step-up rate.’” That sale was contingent on a number of conditions, which were not met when push came to shove. According to Vector’s receivership application: “during discussions between Vector and Mr.