Cash crunch forces Toronto’s Artscape to list newly-built Launchpad for $22.5 million as workers seek to unionize
Why It Matters
The COVID pandemic has been tough on many organizations that own real estate, including non-profit organizations and arts venues. Experts say Artscape’s sale may result in yet another loss of space for Toronto’s arts community.
A massive waterfront co-working space, once touted as a future home for thousands of Toronto artists, is up for sale for $22.5 million as one of the city’s leading non-profit developers attempts to dig its way out of debt.
Daniels Launchpad, one of 14 sites operated by Toronto Artscape Inc., will be sold as part of a restructuring plan approved by the organization’s board in May. The non-profit is at risk of running out of cash this August; Toronto City Council passed a motion to guarantee a $1.5 million line of credit, but the lender has yet to approve an extension for the organization, which also laid-off eight workers in an effort to reduce costs.
Further listings and lay-offs haven’t been ruled out.
Artscape currently holds $36 million in debt, according to Grace Lee Reynolds, Artscape’s CEO. The organization, like many offering co-working and lea
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