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“We are very excited about the site. We think it is going to be a terrific addition to a vibrant London community,” said Berczi.
Published Nov 24, 2023 • Last updated 20 hours ago • 2 minute read
A five-storey building with rental apartments and ground-floor commercial space is the first phase of Applewood Marketplace at 865 Kleinburg Dr. northwest of the intersection of Sunningdale Drive and Adelaide Street in London. Work on the project has resumed after a long delay. Photograph taken on Tuesday, Aug. 9, 2022. (Derek Ruttan/The London Free Press)
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After a series of starts and stops, a large north London residential development is back on and nearing completion, said its new owner.
Applewood Marketplace – to be renamed Sunningdale Heights – is nearing the end of exterior work and construction is proceeding on the interior of the units, said Peter Berczi, chief executive of MarshallZehr, owner of the development.
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“We are very excited about the site. We think it is going to be a terrific addition to a vibrant London community,” he said.
“We are fully mobilized, lots of interior work underway and we are just taking down scaffolding on the exterior work which is almost complete.”
There is also plumbing and electrical work underway. Berczi said he believes the site will be ready for occupancy in the spring.
The development at 865 Kleinburg Dr. was bought by MarshallZehr, a Waterloo-based lender that originally financed the project, in December 2022.
It paid $34.7 million for the first phase, which is 75 per cent complete, and $32.1 million for the second phase on what is now serviced, vacant land.
“Our development partners are working on Phase 2 and 3 planning. That is going well,” Berczi said.
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The first phase is a five-storey, mixed-use building with 107 rental apartments, nine rental townhouses and 1,350 square metres (15,000 square feet) of ground-floor commercial space.
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Progress on construction is the latest chapter in an ongoing saga of challenges.
Applewood Marketplace was envisioned as a sprawling community at Sunningdale Road and Kleinburg Drive, northeast of London’s Masonville area. The plan called for the building of 1,500 homes in six phases along with commercial and office space, including cafes and restaurants.
But in August 2022, work stopped as Applewood could not pay its bills and Ernst and Young took over as receivers. MarshallZehr, which had loaned Applewood the money for the project, sued for more than $60 million when bills were not paid.
MarshallZehr has entered into a joint venture with Aura Developments on the site, Berczi said.
Work has not yet begun on the second phase, an adjacent 4.8-hectare (12-acre) plot of vacant land that will contain 468 residential units and about 3,330 square metres of commercial space.
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