Artscape CEO says Launchpad failure caused receivership: Globe and Mail
Why It Matters
Ever since Artscape announced its receivership in September, Toronto’s arts sector has wondered what caused the well-regarded institution’s failure.
The Globe’s investigation reveals that the Daniels Launchpad project caused debt to more than double from the end of 2017 to the end of 2019.
The failure of a flagship development was the primary reason that Toronto arts organization Artscape is entering receivership, the investigation revealed. Artscape declined further comment.
Artscape announced the Daniels Launchpad as an exciting departure from its traditional affordable housing model in 2015. The rentable coworking space cost $31 million, but a lack of interest forced Artscape to list it for sale at $22.5 million earlier this year.
The cost of sustaining Launchpad — which included monthly payments of $70,000 to Toronto Dominion Bank — caused Artscape’s total borr
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