Amid Toronto Property Boom, a Big Developer Runs Into Trouble
- Urbancorp files for bankruptcy protection on several projects
- Company aiming to restructure, seeks sales to reduce debt
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In a parking lot in midtown Toronto, a portable office advertising homes for Urbancorp sits empty, a stark symbol of what can go wrong for even one of Canada’s largest property developers in the city’s feverish real estate market.
The sales center, fronted by weed-covered planters and dotted with litter, was where Urbancorp marketed 41 townhouses. The project, called The Manors of St. Clair West, sold out, according to the company’s website. Neighbors and realtors say the office hasn’t been open for more than a year.