If you can get past his obvious glee at the failure of another downtown revitalization project, Andrew Dreschel's column today breaks the bad news about Harry Stinson's Hamilton Grand project at Main and John.
Funding for the project fell apart after a group of Toronto investors backed out when the Ontario Securities Commission (OSC) launched an investigation into their investment club, Tulsiani Investments. The investment club founder, Sunil Tulsiani, is alleged to have violated Ontario securities law by trading in securities without a licence.
Another blow was the death earlier this year of Hamilton Grand partner and financial advisor Gary Bateman. Dreschel quotes Stinson saying, "If Gary was still alive, we would have carried on. Gary was an enormous factor in the project. He gave investors comfort."
All the deposits from investors, which were held in trust, have been refunded.
Stinson has turned his attention to his planned renovation of Stinson School, which he bought eariler this year, into condos.
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