TORONTO — Markham, Ont.-based Sunny Land Development Corp. (Sunny) has announced it has acquired the troubled Mackenzie Creek Development in Markham from New Silkroad Culturaltainment.
The transaction was finalized Nov. 29. Mackenzie Creek is a mixed-use development with 195 townhouses in phase one, stated a release.
The project was initiated in 2016 by CIM Development (Markham) LP, CIM Global Development Inc. and others but had stalled, Sunny said.
“This is a great day for everyone, particularly the 132 home buyers who have already bought into the development,” said Paul Ng, CEO and executive director of New Silkroad, in the statement.
“When we were forced to take over the project this year, we had two priorities. The first was to rebuild momentum and get the project back on track. We’ve done that, securing important permits, site servicing and approvals from the City of Markham.
“Our second priority was to find a strong, experienced and respected local developer to hand the project off to. And that’s exactly what today’s announcement is all about.”
Said Bill Chen, president and CEO of Sunny, “We are a Markham company through and through. Our success has been built on the support and engagement of the people of this wonderful community.”
“Starting with the Sunny supermarkets in 2004 and through our growth as a wholesaler, a commercial real estate developer and a major local employer, we are so proud of the role we have played in building the vibrant and prospering Markham of today. In taking on the development of Mackenzie Creek, we’re continuing that Markham success story and bringing it to a whole new level.”
Since it acquired full control of the Mackenzie Creek Development in 2019, New Silkroad said, it has moved the project forward by:
- Securing approval of the site plan from the City of Markham;
- Securing regular site service permits from the City of Markham;
- Securing the building and land use permit from the Ontario Ministry of Transportation;
- Securing the block one building permit from the City of Markham; and
- Continuing to finance the project company, CIM Mackenzie Creek, and honouring the return of deposits to homebuyers who request it.