Intracorp Development has acquired a 50 per cent interest in the spectacular Pantages Tower residential/hotel tower project in downtown Toronto. The project will now proceed as a 50/50 joint venture between Dundee Realty and Intracorp. Intracorp acquired the interest from Dundee Realty which had earlier reorganized the project after its previous joint venture partner, Livent Inc., became mired in insolvency proceedings. The Dundee Realty/Intracorp transaction closed in December of 1999 and construction on the project has recommenced.
George M. Valentini and Katty Habib of Osler, Hoskin & Harcourt LLP acted for Dundee Realty. A significant role in the transaction was played by Jane Gavan, in-house counsel with Dundee. Goodman Phillips & Vineberg represented Intracorp. with the GPV team being comprised of Stephen K. Belgue, Jeffrey Shore (joint venture documents, land acquisition) and Mark Noskiewicz (municipal).