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A Toronto condo’s unit owners have approved a substantial alteration allowing the condo to acquire, control, manage and renovate the real estate in its building and the hotel operations of The Suites at 1 King West at a cost of $17.9 million – 100% financed during the credit crunch recession and with the expectation of reduced common expenses!
380 of TSCC 1703′s 575 luxury residential kitchen/office/living/bedroom suites are enrolled by participant owners in the Rental Program. Once the head office of the Dominion Bank, The Suites at 1 King West is also an architectural marvel; the 51 storey-high, thinnest residential condominium in the world has magnificent views over Toronto’s financial district and Lake Ontario. One King West is renowned for its magnificent Grand Banking Hall, the elaborately-coffered walnut, marble and gilded Chairman’s Historic Boardroom as well as the Austin Gallery and meeting rooms which now constitute a prime meeting/presentation/banquet/wedding facility.
One King West achieved notoriety when it became the battleground of its developers, Harry Stinson and David Mirvish, forcing the condo’s innocent unit owners to become pawns in their tumultuous receivership battles. TSCC 1703 had many incentives to take control of the building’s realty and its own destiny: unit values had plunged during the instability and stigma of the receivership and third party control problems had to be overcome. TSCC 1703′s board worked with Gardiner Miller Arnold LLP, which undertook extensive due diligence before submitting TSCC 1703′s Offer to Purchase the assets which was accepted by the receiver during August, 2008, beating 32 other initial bidders.
Overwhelming support for the asset acquisition transaction was demonstrated at the initial and adjourned Special Meetings of Owners in October/November, 2008, using GMA’s precedent adjourned voting procedures. 78% of all owners (93% of all the owners who bothered to vote) voted in favour of the asset acquisition [s. 18 of the Act], the borrowing by-laws [s. 21] and the substantial alteration [s. 97 (4) – (6)] – a rare and impressive outcome in condo-world, especially considering the high number of non-resident unit owners involved.
As of December 1, 2008, TSCC 1703 acquired control of all the key freehold real estate within its building through the magic of the loan common expense assessment financing provided by Morrison Financial Services Limited. Maxium Financial Services Inc. will finance the cost of valuable renovations and energy cost-savings initiatives. Events at One King West Ltd. now manages the rental program, which is achieving industry-high levels of occupancy after only 2-1/2 years from start-up. Its function rooms and food and beverage operations have flourished under the guidance of Kosta Tomazos of CK Atlantis Inc.
Bob Gardiner, the interim President and sole director of Events is organizing an intricate web of agreements and leases having complex ramifications. Bob credits TSCC 1703′s impressive board of directors for the wisdom, acumen, hard work and creativity to achieve such a resounding success: “Nobody but the board would have thought we could have overcome all of the insurmountable hurdles we have plowed right through. TSCC 1703 is the only possible entity that could save its building and unit owners from the hazards of third party control.”
Congratulations to TSCC 1703′s remarkable board of directors – Brian Smith, Bob Verdun, Ken Grant, Beverly Snodgrass, Thomas Tyson, Gary Bateman and Alex Wilson, with the support of Yehudi Hendler and Maria Delgado, property managers of Y.L. Hendler Ltd.
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