Building is on hold at a new Bracebridge condominium complex after the development company ran out of money.
All work on the development stopped when employees of Waterways of Muskoka were locked out of the office on Aug. 23.
Waterways of Muskoka is linked to Senarra Homes, a group of companies focusing on building new homes, community development, and construction and consulting. The development, which is across from Riverside Inn on Highway 118, is along the waterfront of the Muskoka River. John Sisson, CAO of the Town of Bracebridge, said in an email the receiver plans “to market and sell the assets by private sale.”
Waterways of Muskoka, declined to comment on the situation at this time.
The email said there are both secured and unsecured creditors for the project.
The Town of Bracebridge and the District of Muskoka entered into plan of condominium agreements and site plan agreements and have securities for all the works of the agreements.
“Over the last 10 years we’ve had a couple of situations where we’ve had to use securities to finish works, however that’s not to say that this project we would be going that route, because it could very well be a seamless changeover,” said Dana Rahkola, assistant director of development services.
The development is nearing completion, with the last foundations laid about a month ago, he said.
The town’s interest is in completing the waterfront, he said, but that work will be later on, so they’re not losing any time because of the changeover.
The waterfront is secured, and in a worst-case scenario, they’ll cash the securities to finish it, he said.