By Pepper Parr
August 20th, 2020
BURLINGTON, ON
It was a grand idea, brilliant perhaps, but it is in trouble now. The possible failure of Nuvo One on the North Service Road was declared in the financial press this morning.
It was a bold, brilliant idea that floundered under too much debt.
The development, a multi-use, multi-tenant operation, was floundering financially long before COVID-19 hit the world in March. A major lender attempted to put the company in default over the failure to meet a mortgage obligation.
The largest creditor is Meridian Credit Union.
The company filed for Company Creditors Arrangement Act (CCAA) protection and is now carrying out a parallel process to solicit interest in the acquisition of the property or providing re-financing to the company.
A bold redevelopment of the property began in 2018 when Shawn Saulnier and his wife Bridget bought the property from the David Mainse Estate.
The site was then known as Crossroads where the two television studios were used to broadcast the 100 Huntley Street television series.
The two chapels on the ground floor were replaced by a bold design that had to be put on hold when the contractors walked off the job due to non-payment of their invoices.
The site is now the office location of a number of organizations including Sound of Music and Burlington Green.
