A stalled condominium development on Sturgeon Road in St. Albert is in receivership.
Tenor by Time Developments has sat idle for months, according to area residents. A Court of Queen's Bench justice appointed the accounting firm Deloitte & Touche as the receiver on Feb. 19, according to court documents provided to the Gazette.
The document lists Canadian Western Bank as the plaintiff and Time Developments as the defendant.
The order means that Deloitte & Touche has assumed control of the project on behalf of the main creditor, Canadian Western Bank. The court order empowers the firm to do what they want with the project, which could include completing it, hiring contractors or ceasing the operation altogether.
The firm is still in the process of assessing the situation and hasn't determined how it will proceed, said company representative Jeff Keeble, via email. He also said he was not able to answer questions about the future of the project.
The court documents contain no financial information.
In situations like this, the receiver is looking to do whatever is best to get the creditor their money, said a local chartered accountant, who added that there's no typical scenario for this situation.
"A lot of it has to do with how much they're owed and the chance of getting it back," he said.
Realtor Don Cholak, who has been selling units for the project for about a year, said he's awaiting word from the receiver about what's going to happen.
"I've been told they're assessing it," Cholak said. "They're getting quotes [for] how much it's going to cost to finish."
Correction:
On Saturday the Gazette reported, based on information from another realtor, that all the Tenor buyers had walked away from the project and that the project's finishing materials had been downgraded due to falling market prices.
Realtor Don Cholak, who is selling the units, said neither of these is true. The complex is about half sold and many of the buyers are still in the picture. The building is being completed as per the original specifications and about half of the units have already been completed, he said.
The Gazette regrets the errors.
