Artscape tenants receive letter with first details of potential future for developments

COO Kelly Rintoul’s letter comes at a time of uncertainty

Why It Matters

Since receiving a 30-day extension on its receivership until October, Artscape has been quiet about the future. Rintoul’s letter suggests mortgage owners will experience minimal changes, but residential and commercial leases may change hands.

With two weeks until the receivership deadline, Artscape Chief Operating Officer Kelly Rintoul offered the first details of what the future for the non-profit developer may hold in a letter to tenants and owners.

After Artscape was placed into receivership due to its massive debt last month, the City of Toronto and the organization’s “primary lender” ⁠— widely believed to be Toronto Dominion Bank ⁠— secured an additional month’s funding until Oct. 1. Since then, tenants, owners, and the wider Toronto arts community have anxiously awaited details about the future.

On Sept. 15, Rintoul confirmed in her letter that many details were yet to be finalized. 

“Although we won’t have full clarity until the receivership process

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