The trend of major complexes in the GTA disquietingly going into receivership continues with yet another residential project that developers have not been able to repay their debts on before they've finished building.

The 69 condo units coming to an old church at 248 and 260 High Park Avenue in Toronto's downtown were set to blend the heritage architectural elements of the more than 100-year-old building with modern luxury and high-tech features.

Another #Toronto church is being converted into condos https://t.co/ghvXDgRZhq pic.twitter.com/ypI6Qny2yG

— blogTO (@blogTO) June 25, 2018

But, the plans to breathe new life until the property — known as Sanctuary Lofts and Condos, taking over the High Park Alhambra Church at Annette Street — have hit a major snag, with more than $42 million owed to creditors and costs quickly running up, according to Storeys.

The outlet shared court documents Friday showing that the complex from developers 260 High Park Limited Partnership, TRAC Developments Inc., and 2486357 Ontario Inc., has been placed into receivership.

A third-party receiver appointed by the Ontario Superior Court of Justice must now figure out how to recover the funds, which could involve selling off the in-progress site, on which demolition and construction started more than four years ago.

Though the conversion is well underway, recent photos from passersby show that work appears to have halted in recent months, with the basic structure of the addition somewhat complete, but left very much unfinished.

Whoa! Looks like similar fate for High Park United Church (a block from #LMM's Victoria Church), to become "260 High Park" Sanctuary Lofts & Condos

This church sold for >$8.6 Million, with swanky condos (600K+) & lofts ($1-4 M) in the works#LMM lived near hot property in GTA! pic.twitter.com/860W0wcDOs

— Nora Cutcliffe (@LMM_digital) September 3, 2022

The dozens of people who excitedly bought homes in the unique four-storey condo are undoubtedly going to be stressing about the building's fate amid this latest news, which comes after similar receivership orders for new communities in Barrie, Ajax and at the One Bloor.

Other firms are putting in-progress builds on hold amid waning interest and funds.

Units in Sanctuary were originally going from $750,000 for the smallest condos to multi-millions for the largest lofts, and were over 75 per cent sold when crews broke ground in 2019.

Meridian Credit Union writes in an affadavit that the developer "failed to fund the cost overruns, failed to complete the 260 High Park Project, and permitted the very significant construction liens to arise. As a result, Meridian has lost confidence in 260 High Park's ability to manage and complete the 260 High Park Project."

TRAC Developments' president issued a response on June 7, writing that the company "has been and remains committed to seeing this condominium project through to completion despite unexpected obstacles."

"We are currently exploring several avenues within the receivership that will work toward the best interests of all stakeholders... While the Receiver can make the recommendation to the courts to sell the project, we don't believe such a decision would be in the best interests of the stakeholders, and are confident the receiver will arrive at the same conclusion."