Cash crunch forces Toronto’s Artscape to list newly-built Launchpad for $22.5 million as workers seek to unionize

“It’s just another number on the list of great places for artists that artists no longer have access to.”

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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