Bayside Fix-Up Pegged at $5 Million Includes New Roof, Food Court, Grocer
Malvinder Singh says he and Italio Ferrari of Wilsondale Assets Management will spend $5 million on roof repairs, food court improvements and bringing Davy Jones Quality Meats into the Bayside Mall.
But the Toronto entrepreneur who owns Chilton Capital says he hasn’t any interest in properties beyond the 370,000 square foot Mall and its 700 space indoor parking garage.
Singh was the mortgage holder on Bayside through Zirkpr Finance and Investments before Ferrari and developer Gordon Laschinger had a falling out this summer.
Zirkpr funded the original $3.5 million used to purchase the Mall, install a new roof and improve the parking garage.
The Mall was heading into receivership when Singh stepped in. “Receivership did not happen and all funds for the Mall will be provided by us, Chilton Capital” Singh said in an email to First Monday.
Singh explained that through Chilton he is the only owner of Bayside but is “obliged to make Italio Ferrari a 50 per cent shareholder by virtue of the agreement that lead to withdrawal of receivership proceedings”.
Singh added that Ferrari “will be a 50 per cent owner once shares are issued”. He described that as “only a formality”.
Laschinger who owns the Drawbridge Inn is according to Singh “out”.
Attempts to contact Laschinger have gone unanswered. However, Laschinger previously told First Monday that if he failed to get possession of Bayside he would “focus on the Drawbridge”.
Singh says he is proceeding with development of the Mall adding “as we are the owners and lenders debt is a non issue. All legitimate liabilities will be taken care of through funds provided by us”.
However, Singh is requesting “a little patience” regarding financial obligations saying he “does not want to make any premature claims”.
He reiterated his company; Chilton Capital will not have any interest in properties beyond the Mall. “I can not speak for others but we at Chilton Capital have no interest in any other properties”.
Singh went on to add that he is “still embarrassed for putting the mayor in an awkward position in August. I was very much present in the meeting with the mayor where a premature claim of settlement was made and that lead to some legal complications. I could not even defend the mayor publicly because that could have jeopardized the settlement. The only thing I can say with certainty is that we will bring the Mall back to its full glory”.
Mayor Mike Bradley says he was aware of the legal issues regarding ownership during the summer. But after meeting Singh he is optimistic about its redevelopment.
“They (Singh and Ferrari) indicated their strategy is to move forward by aggressively leasing to retain and bring in tenants”.
Bradley says he told them to be transparent in disseminating information so the community sees that the Mall is moving forward.
As for the future of property owners along Christina Street Bradley described it as “uncertain”.
Originally, Ferrari and Lashinger had planned to purchase Temple Bar and Taylor’s Furniture but neither deal closed.
The bar was to be torn down to expand the entrance to the Mall and Taylor’s was to be turned into lofts.
Bradley says the bar has moved on and reopened. He says he recently met with the owner of the Taylor’s property. “He needs certainty on any interest so he can either sell or keep and attract tenants”.
Bradley says with Singh involved he is “cautiously optimistic” about the future of Bayside.