Court-Appointed Receiver Takes Over Ottawa Office Conversion Project
An Ottawa office building at 495 Richmond Rd., intended for conversion into 143 rental units, has been placed into receivership by the Ontario Superior Court. The secured lender, Addenda Capital, applied after the owner missed interest payments and began conversion work without consent. The receiver, Goldhar & Associates, is authorized to market the property for sale.
The property at 495 Richmond Rd. had been reduced to its concrete frame and exterior shell before the lender discovered the unsanctioned work. Addenda Capital's court filing noted roughly $25.6 million in principal remained outstanding as of March, with interest payments missed through June, July, and August.
DOV did not contest the receivership application, though its legal counsel indicated the company disputes certain claims in Addenda's submission. The court order permits Goldhar & Associates to market the building and field purchase offers, though no formal bidding process has been announced. The proposed conversion would have created 143 rental units without expanding the building's footprint.
This receivership could signal caution for lenders financing office-to-residential conversions, particularly where owners proceed without clear consent. Prospective tenants seeking rental housing may face delays as the project's future depends on a sale and new ownership. The outcome may also influence how other Canadian municipalities approach conversion incentives, since this project stalled mid-demolition, leaving a partially stripped structure that could remain vacant longer than anticipated.