Markham 873-Unit Development Site Sold Under Receivership
A fully approved Markham development site slated for 873 rental units has changed hands after its owner was pushed into receivership with nearly $40M owing to its first mortgage lender.
The 0.95-acre property at 7115 Yonge St. and 8-14 Grandview Ave., just north of Steeles Avenue, was owned by TerraBona 7115 Yonge and envisioned as the Grandview Tower development.
The Ontario Superior Court approved its sale to 2158046 Ontario on Sept. 22. The purchase price remains sealed, but receiver msi Spergel said Empirical Capital was owed $39.17M as of Aug. 24 and was expected to suffer a shortfall.
Lennard Commercial Realty marketed the property beginning early this year. Twenty-eight groups signed confidentiality agreements and seven offers were submitted despite what the brokerage described in court filings as a challenging land market.
The site’s development approvals significantly increased during Terra Bona’s ownership. An earlier 443-unit condominium proposal ultimately evolved into 49- and 46-storey towers on a shared podium, with 873 purpose-built rental units and ground-floor retail.
The Ontario Land Tribunal approved the revised plan in November 2025. At least 5% of the apartments are required to remain affordable rentals for 25 years.
The property is also within walking distance of the planned Steeles station on the Yonge North Subway Extension.
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout