The proposed redevelopment plans of the old fairgrounds in central Barrie is now in doubt as the property has placed into receivership.
Court documents reveal that former property owner Osmington, along with a numbered Ontario company, has filed an application with the Ontario Superior Court of Justice to place current developer Green World Construction into receivership.
Green World purchased Barrie’s fairgrounds site for $48 million in 2022. According to court documents, the company has repeatedly defaulted on payments under the vendor-take-back mortgage and failed to secure alternate financing, despite attempts.
The 55-acre site, located at 175 & 199 Essa Road and 50 Wood Street, has been was slated for a massive mixed-use development featuring up towards of 4,000 residential units, including new roads, tall towers, townhomes, commercial spaces, and a school.
In January, the Ontario government told Mayor Alex Nuttall in a letter that rezoning decisions for the site should be made by the city – despite council’s request for the province to take over.
Nuttall said that while the matter is currently before the courts, he and city staff are anticipating further information in the near future.
“This matter is currently before the courts, and we respect the legal process now underway,” he said.
“We look forward to receiving more information as the receivership progresses and will work closely with all relevant stakeholders to understand the next steps for the property.”
Coun. Jim Harris, who represents the ward that includes the fairgrounds site, said that although the news is disappointing, he remains optimistic that the property will eventually be developed.
“I am disappointed to hear about the property being placed into receivership,” he said.
“This is such an important property that has been vacant for so long and I look forward to seeing the lands put to good use.”
Before Green World purchased the property, there had been a proposal to establish a satellite campus for Laurentian University on the fairgrounds.
