Grandview Tower Site Sells in Markham Receivership
The approved 873-unit Grandview Tower site at 7115 Yonge Street in Markham has sold to 2158046 Ontario Inc. in a court-supervised receivership sale.
The Grandview Tower site at 7115 Yonge Street and 8-14 Grandview Avenue in Markham has sold out of receivership. The Ontario Superior Court approved the sale to 2158046 Ontario Inc., a company associated with Shane Baghai, on September 22, 2026. The 0.95-acre site at the northeast corner of Yonge and Grandview is approved for an 873-unit mixed-use development.
The Ontario Land Tribunal approved the project in a decision issued November 12, 2025. It calls for a 49-storey tower and a 46-storey tower on a shared podium. All 873 units are purpose-built rentals across roughly 754,613 square feet, including retail space.
Arcadis is the architect. The site was previously tied to Terra Bona Developments Ltd., whose original 36-storey, 437-unit condo proposal was revised upward.
The site entered receivership in December 2025 over a $31 million loan from Empirical Capital Corp. The debt grew to roughly $39.17 million by August 2026. The September approval clears the way for the new owner to advance the rental development.
- Address
- 7115 Yonge Street and 8-14 Grandview Avenue, Markham, ON L3T 2A8
- Units
- 873
- Floors
- 49
- Sq ft
- 754,613
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