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Halo Project Update

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Halo Project Update

February 2021:

The development strategy for the Halo Project has now been confirmed as a purpose built rental project development. 

Accordingly all existing Halo presale purchasers are eligible for a one time 2% payment on their deposits. We are now in the process of confirming the deposit and payment amounts with the Receiver and will be targeting the issuance of payment cheques by early April 2021.

As a reminder, the Receiver has maintained a website to provide updates to all stakeholders during the Receivership (please see: https://www.pwc.com/ca/en/services/insolvency-assignments/clover—halo.html) and all relevant court materials can also be found on the Receiver’s website:  https://www.pwc.com/ca/en/services/insolvency-assignments/clover—halo/motions.html 

All Receivership related questions including those related deposit payouts should continue to be addressed to halo.clover@pwc.com.

We appreciate your patience through this period.  Should you have any questions related to the project development going forward, please direct them to info@halotoronto.ca or by completing the Contact Us form below.

October 2020:

As per the Provincial Court Approval and Vesting Order dated September 15th, 2020, a sale agreement to 494 Yonge Street Inc. was approved for the Halo project.  The closing of the sale transaction will occur prior to October 21st, 2020.  494 Yonge Street Inc. is a real estate holding company managed by QuadReal Property Group LP (“QuadReal”).

As communicated to the court, the process of reviewing the development strategy for the Halo Project is underway.  The objective of this review is to determine if the project is best to proceed as a condominium development or rental development.  The process is anticipated to take up to 60 days, after which an update will be posted on this website. 

A summary of the terms and conditions from the court order have been included below:  

  • The court vesting order will terminate all existing presale contracts upon completion of the sale transaction; 
  • All presale purchasers will receive their deposits back from the Westmount / Aviva (the deposit insurer) or an agent thereof. The Receiver will arrange for a communication to be issued to all presale purchasers to provide an update and detail further directions on recovering deposits shortly after the closing date.  Further information information will be posted on the Receiver’s website linked below;
  • In the event of a relaunch of the project as a condominium development within 24 months, all previous Halo presale purchasers will be afforded a right to make the right of first offer to purchase their units at a $150 per square foot discount on the new list price;
  • Halo presale purchasers are eligible for a maximum of a single 2% payment on deposits based on the following conditions: 
    • In the event of a relaunch as a condominium development  within 24 months, those presale purchasers who do not exercise the purchaser offer right will be eligible to receive the payment;
    • In the event of a relaunch as a rental development, all previous Halo presale purchasers will be eligible to receive the payment; or
    • In the event that a Halo presale purchaser does not receive an offer in respect of the relaunch as a condominium development within 6 months of closing, all previous Halo presale purchasers will be eligible to receive the payment.

For reference, the Receiver has maintained a website to provide updates to all stakeholders during the Receivership (please see: https://www.pwc.com/ca/en/services/insolvency-assignments/clover—halo.html) and all relevant court materials can also be found on the Receiver’s website:  https://www.pwc.com/ca/en/services/insolvency-assignments/clover—halo/motions.html 

All Receivership related questions should continue to be addressed to halo.clover@pwc.com.

We appreciate your patience through this assessment period.  Should you have any questions related to the project development going forward, please direct them to info@halotoronto.ca or by completing the Contact Us form below.

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