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Iconic Toronto condo project placed into receivership due to $1.6B in unpaid debt

A high-profile Toronto condominium project that has been plagued with delays and setbacks for more than a decade has been placed into receivership by its biggest lender, refusing to foot the bill for $1.6 billion in unpaid debts until someone else is in charge.

"The One" condo tower downtown placed into receivership - Toronto

Court documents how the project is almost a year overdue and the developers are $1.6 billion in debt to their lender. Mark Carcasole reports.

Iconic Toronto condo project placed into receivership due to $1.6B in unpaid debt

Developers of The One luxury condo put into receivership

The iconic project at Yonge and Bloor is $1.6 billion in debt, according to court documents filed by lenders.

Problem plagued luxury Yorkville condo The One put into receivership

The Yorkville condominium project is also expected to run $600 million over budget, according to the documents.