Harry Stinson's latest school-to-condo conversion in receivership
Embattled developer Harry Stinson's latest school conversion project,
the Gibson School Lofts
, is in receivership due to missed mortgage payments.
But Stinson said in an interview he is seeking a new partnership to help pay out his lender and allow him to finish the redevelopment at
601 Barton St. E.
'The best way for both of us, for all of us, including the (condo) buyers … is to come to an agreement that the construction gets completed,' said the longtime Hamilton developer. 'We could have people in (the building) this year, occupied.'
Harry Stinson in his Stinson School condo redevelopment more than a decade ago.
The colourful builder — known for the successful condo conversion of
Stinson school
, as well as famous failed pitches like a proposal to
build Canada's tallest tower downtown
— has battled a string of recent project and legal woes.
In late 2023, Stinson was ordered to
pay a $600,000 fine and repay $13 million to investors
in a planned Buffalo hotel redevelopment after a tribunal ruled Stinson broke Ontario securities law. That same project also suffered a serious fire during the pandemic and remains badly damaged.
In Hamilton, the 72-year-old's most advanced project looked to be the Gibson School Lofts, a condo conversion of the former Barton Street East school that would see two storeys added to the historic building and townhouses built in the old schoolyard. Stinson's company bought the building in 2014 and restoration, including replacing most windows, has been underway for years.
But in January, a Superior court judge signed off on an order to appoint a receiver for the property, assets and projects owned by Gibson Lofts Inc.
Court documents viewed by The Spectator show the lender is seeking more than $4 million in repayment on two separate loans. The documents also noted past lender concerns about contractor liens and tax arrears that totalled hundreds of thousands of dollars in 2022. The current status of those previously cited liens and arrears was unclear Thursday.
The Spectator reached out to the receiver, B. Riley Farber Inc., on Thursday to seek clarity on plans for the property, but has yet to hear back.
Stinson confirmed he 'fell behind' on payments to the lender. 'There's no question it has been a rough year,' he said.
But the developer also stressed he hopes to maintain control of the project, noting the land has not been put up for sale and he continues to maintain the building. Some would-be condo buyers have left deposits in trust with an independent lawyer during the receivership, he added.
'Discussions between myself and the mortgage holder are ongoing daily. There is really no animosity,' he said. 'We're trying to get a sufficient amount (of money) to pay them out.'
The proposed Gibson Lofts would be in the old school on Barton Street East owned by Harry Stinson.
Stinson said he is talking to prospective 'joint venture' partners to help the project emerge from receivership — and also to land construction financing, which he described as 'extremely difficult' to find in the current 'appalling market.' Late Thursday, he said he has a 'new lender on board' for construction on the project.
The developer also acknowledged his own finances have been squeezed — first by the fire at his ambitious Buffalo project, then by the fines and investor repayment ordered by the provincial Capital Markets Tribunal following a probe by Ontario's securities regulator.
Stinson said he has made a 'settlement proposal' to the regulator that is lower — 'on a completely different planet' — than the ordered fine and repayment amount that totalled nearly $14 million.
The Spectator sought an update from the regulator Thursday, but did not hear back.
Despite those challenges, Stinson said he has no plans to sell local projects like Gibson or a long-delayed condo proposal at the
Cannon Knitting Mill.
'Selling any project in this market would be delusional,' he said, adding he hopes to go ahead later this year with new marketing for the project at the former knitting mill near Beasley Park, which the city recently decided to designate as a heritage building.
If Stinson retains ownership and management of the Gibson project, he suggested construction could soon begin on one and two-bedroom units, making use of the old classrooms in the former school.
'We have buyers who want to be there,' Stinson said. 'We think this will be (back) on the rails and under construction this summer.'
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- Hamilton Spectator
Hamilton couple out $8,000 deposit after wedding venue closes
Thomas Coleman and Alina Raposo have been counting down the days until their wedding reception at The Grand Olympia for more than a year. The Hamilton couple paid their $8,253 deposit, had a food tasting in March and hosted Raposo's bridal shower at the Stoney Creek venue in late April. Nothing seemed amiss. 'Everything just seemed so normal,' said Coleman in an interview, adding that they chatted with the venue about plans for the reception. 'No one seemed concerned.' Until last Friday, when Coleman and Raposo saw a post on Facebook about Orchard Park Secondary School students needing to book a new venue for their prom that night, as the parent company of The Grand Olympia, along with Michelangelo Banquet Centre, had gone into receivership . Both of the banquet centres shut down late last week , after Ontario's Superior Court of Justice denied a request from its owners for an extension to repay debt. Michelangelo Banquet Centre and The Grand Olympia were shuttered indefinitely after Ontario's Superior Court of Justice denied a request from its owners for an extension to repay the debt. According to court records, the two banquet halls and their related companies are owned by a Mississauga-based family that owes more than $14 million to the Bank of Montreal, including around $8.2 million tied to Michelangelo and $6 million for Grand Olympia. Aftab Elahi, listed as the sole officer and director of Mario's Catering Service and Grand Olympia Realco, the parent companies of the banquet halls, did not respond to an email from The Spectator on Thursday requesting comment. Calls to both venues also went unanswered Thursday afternoon. The ripple effect has been considerable, with the indefinite closures affecting events booked by non-profits, industry groups, high school students and soon-to-be married couples, like Coleman and Raposo, whose reception was booked for June 21. Coleman told The Spectator he reached out to the venue on May 16, and the couple later received an email from management describing the situation as 'a period of operational transition,' adding that the venue was 'not in bankruptcy.' The email, shared with The Spectator, noted that the company was working to 'stabilize and strengthen' its services and to restore operations, with the 'goal of resuming all events at full capacity as soon as possible.' The couple also reached out to their event co-ordinator, and she repeated similar talking points. Coleman said they didn't hear from the venue again until Tuesday evening, when they got an email claiming the business was 'headed in the right direction' and 'on track to be back in operations soon.' But Coleman said that message contradicted what he'd heard from others about the situation with the venues, including when he reached out to MSI Spergel — who has been appointed as the receiver over both banquet halls. In an email, also shared with The Spectator, MSI Spergel told Coleman on Wednesday that all events at both venues 'are cancelled' — the first notification of such, not even from the venues. With their wedding reception just a month away, Coleman said the couple spent last weekend calling venues across Hamilton and as far away as Mississauga to try and rebook their event — and they weren't alone. Locks were placed on the gates of Michelangelo Banquet Hall last week after its parent company was put in receivership. 'Dates for June were booking up very quickly for people who were left scrambling,' Coleman said. 'It was a lot of pressure for people not wanting to hold out too long waiting, which could have meant potentially losing out on our date that we had.' Luckily, the couple was able to rebook their reception at Carmen's on Stone Church Road East, not far from their original venue, but still at a significant cost. Carmen's Group CEO PJ Mercanti told The Spectator their sales and operations team was working to accommodate events, including some planned for the weekend the venues shut down. Coleman explained that they will likely lose their $8,253 deposit paid for The Grand Olympia, and with some extra costs associated with Carmen's, the venue debacle will end up setting them back roughly $19,000. MSI Spergel also told Coleman in an email that 'currently there is no claims process,' noting that returns of deposits will be 'dependent on the net realizations under the Receivership and subject to evaluation of all claims, including claims of secured creditors and priorities at law.' 'That's a tough thing to swallow, especially four weeks before our wedding day,' said Coleman. But with their reception rebooked and only some administrative work to do with notifying guests and vendors, Coleman is hopeful the couple is back on the right track and can enjoy their day, despite the unexpected hurdles. 'Getting the new venue was the first kind of sigh of relief,' said Coleman. 'Obviously, there is still the financial thing, but we just have to keep pushing forward.'
Hamilton Spectator
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- Hamilton Spectator
Hamilton couple will likely lose $8,000 deposit after wedding venue closes
Thomas Coleman and Alina Raposo have been counting down the days until their wedding reception at The Grand Olympia for more than a year. The Hamilton couple paid their $8,253 deposit, had a food tasting in March and hosted Raposo's bridal shower at the Stoney Creek venue in late April. Nothing seemed amiss. 'Everything just seemed so normal,' said Coleman in an interview, adding that they chatted with the venue about plans for the reception. 'No one seemed concerned.' Until last Friday, when Coleman and Raposo saw a post on Facebook about Orchard Park Secondary School students needing to book a new venue for their prom that night, as the parent company of The Grand Olympia, along with Michelangelo Banquet Centre, had gone into receivership . Both of the banquet centres shut down late last week , after Ontario's Superior Court of Justice denied a request from its owners for an extension to repay debt. Michelangelo Banquet Centre and The Grand Olympia were shuttered indefinitely after Ontario's Superior Court of Justice denied a request from its owners for an extension to repay the debt. According to court records, the two banquet halls and their related companies are owned by a Mississauga-based family that owes more than $14 million to the Bank of Montreal, including around $8.2 million tied to Michelangelo and $6 million for Grand Olympia. Aftab Elahi, listed as the sole officer and director of Mario's Catering Service and Grand Olympia Realco, the parent companies of the banquet halls, did not respond to an email from The Spectator on Thursday requesting comment. Calls to both venues also went unanswered Thursday afternoon. The ripple effect has been considerable, with the indefinite closures affecting events booked by non-profits, industry groups, high school students and soon-to-be married couples, like Coleman and Raposo, whose reception was booked for June 21. Coleman told The Spectator he reached out to the venue on May 16, and the couple later received an email from management describing the situation as 'a period of operational transition,' adding that the venue was 'not in bankruptcy.' The email, shared with The Spectator, noted that the company was working to 'stabilize and strengthen' its services and to restore operations, with the 'goal of resuming all events at full capacity as soon as possible.' The couple also reached out to their event co-ordinator, and she repeated similar talking points. Coleman said they didn't hear from the venue again until Tuesday evening, when they got an email claiming the business was 'headed in the right direction' and 'on track to be back in operations soon.' But Coleman said that message contradicted what he'd heard from others about the situation with the venues, including when he reached out to MSI Spergel — who has been appointed as the receiver over both banquet halls. In an email, also shared with The Spectator, MSI Spergel told Coleman on Wednesday that all events at both venues 'are cancelled' — the first notification of such, not even from the venues. With their wedding reception just a month away, Coleman said the couple spent last weekend calling venues across Hamilton and as far away as Mississauga to try and rebook their event — and they weren't alone. Locks were placed on the gates of Michelangelo Banquet Hall last week after its parent company was put in receivership. 'Dates for June were booking up very quickly for people who were left scrambling,' Coleman said. 'It was a lot of pressure for people not wanting to hold out too long waiting, which could have meant potentially losing out on our date that we had.' Luckily, the couple was able to rebook their reception at Carmen's on Stone Church Road East, not far from their original venue, but still at a significant cost. Carmen's Group CEO PJ Mercanti told The Spectator their sales and operations team was working to accommodate events, including some planned for the weekend the venues shut down. Coleman explained that they will likely lose their $8,253 deposit paid for The Grand Olympia, and with some extra costs associated with Carmen's, the venue debacle will end up setting them back roughly $19,000. MSI Spergel also told Coleman in an email that 'currently there is no claims process,' noting that returns of deposits will be 'dependent on the net realizations under the Receivership and subject to evaluation of all claims, including claims of secured creditors and priorities at law.' 'That's a tough thing to swallow, especially four weeks before our wedding day,' said Coleman. But with their reception rebooked and only some administrative work to do with notifying guests and vendors, Coleman is hopeful the couple is back on the right track and can enjoy their day, despite the unexpected hurdles. 'Getting the new venue was the first kind of sigh of relief,' said Coleman. 'Obviously, there is still the financial thing, but we just have to keep pushing forward.'
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24-05-2025
- Hamilton Spectator
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Thomas Coleman and Alina Raposo have been counting down the days until their wedding reception at The Grand Olympia for more than a year. The Hamilton couple paid their $8,253 deposit, had a food tasting in March and hosted Raposo's bridal shower at the Stoney Creek venue in late April. Nothing seemed amiss. 'Everything just seemed so normal,' said Coleman in an interview, adding that they chatted with the venue about plans for the reception. 'No one seemed concerned.' Until last Friday, when Coleman and Raposo saw a post on Facebook about Orchard Park Secondary School students needing to book a new venue for their prom that night, as the parent company of The Grand Olympia, along with Michelangelo Banquet Centre, had gone into receivership . Both of the banquet centres shut down late last week , after Ontario's Superior Court of Justice denied a request from its owners for an extension to repay debt. Michelangelo Banquet Centre and The Grand Olympia were shuttered indefinitely after Ontario's Superior Court of Justice denied a request from its owners for an extension to repay the debt. According to court records, the two banquet halls and their related companies are owned by a Mississauga-based family that owes more than $14 million to the Bank of Montreal, including around $8.2 million tied to Michelangelo and $6 million for Grand Olympia. Aftab Elahi, listed as the sole officer and director of Mario's Catering Service and Grand Olympia Realco, the parent companies of the banquet halls, did not respond to an email from The Spectator on Thursday requesting comment. Calls to both venues also went unanswered Thursday afternoon. The ripple effect has been considerable, with the indefinite closures affecting events booked by non-profits, industry groups, high school students and soon-to-be married couples, like Coleman and Raposo, whose reception was booked for June 21. Coleman told The Spectator he reached out to the venue on May 16, and the couple later received an email from management describing the situation as 'a period of operational transition,' adding that the venue was 'not in bankruptcy.' The email, shared with The Spectator, noted that the company was working to 'stabilize and strengthen' its services and to restore operations, with the 'goal of resuming all events at full capacity as soon as possible.' The couple also reached out to their event co-ordinator, and she repeated similar talking points. Coleman said they didn't hear from the venue again until Tuesday evening, when they got an email claiming the business was 'headed in the right direction' and 'on track to be back in operations soon.' But Coleman said that message contradicted what he'd heard from others about the situation with the venues, including when he reached out to MSI Spergel — who has been appointed as the receiver over both banquet halls. In an email, also shared with The Spectator, MSI Spergel told Coleman on Wednesday that all events at both venues 'are cancelled' — the first notification of such, not even from the venues. With their wedding reception just a month away, Coleman said the couple spent last weekend calling venues across Hamilton and as far away as Mississauga to try and rebook their event — and they weren't alone. Locks were placed on the gates of Michelangelo Banquet Hall last week after its parent company was put in receivership. 'Dates for June were booking up very quickly for people who were left scrambling,' Coleman said. 'It was a lot of pressure for people not wanting to hold out too long waiting, which could have meant potentially losing out on our date that we had.' Luckily, the couple was able to rebook their reception at Carmen's on Stone Church Road East, not far from their original venue, but still at a significant cost. Carmen's Group CEO PJ Mercanti told The Spectator their sales and operations team was working to accommodate events, including some planned for the weekend the venues shut down. Coleman explained that they will likely lose their $8,253 deposit paid for The Grand Olympia, and with some extra costs associated with Carmen's, the venue debacle will end up setting them back roughly $19,000. MSI Spergel also told Coleman in an email that 'currently there is no claims process,' noting that returns of deposits will be 'dependent on the net realizations under the Receivership and subject to evaluation of all claims, including claims of secured creditors and priorities at law.' 'That's a tough thing to swallow, especially four weeks before our wedding day,' said Coleman. But with their reception rebooked and only some administrative work to do with notifying guests and vendors, Coleman is hopeful the couple is back on the right track and can enjoy their day, despite the unexpected hurdles. 'Getting the new venue was the first kind of sigh of relief,' said Coleman. 'Obviously, there is still the financial thing, but we just have to keep pushing forward.'
