Massive project in peril as Barrie’s old fairgrounds property placed in receivership

Barrie’s old fairgrounds property is in receivership, leaving one of the city’s largest proposed residential developments in doubt.

Ontario Superior Court of Justice documents show former fairgrounds owner Osmington (Wood Street Inc.) and a numbered Ontario company made the application against developer/owner Green World Construction.

“The applicants are the senior secured lenders of Green World, a real estate development company which is currently engaged in developing a residential development project (the ‘project’) on certain real property located in Ontario (the ‘property’),” state the court documents, referring to 175-199 Essa Rd. and 50 Wood St. in Barrie. “In connection with the project, the applicants provided vendor take-back mortgage financing (the ‘VTB’) to Green World, which is secured by a first ranking mortgage on the property. 

“Green World has repeatedly defaulted on payments owing under the VTB,” the court documents indicate. “While the applicants have attempted to reach a consensual resolution, Green World has continued to fail to make required payments under the VTB, and has failed to obtain alternate financing.

“Owing to these repeated defaults, the applicants have issued two demand letters to Green World for the payment of indebtedness owing under the VTB. In spite of the issuance of  the demand letters, the VTB remains in default,” the documents say. 

Court documents also say Green World has previously consented to the appointment of a receiver, and that at the hearing, Green World was represented and it does not oppose the receivership order.

It appoints KSV Restructuring as receiver and manager of the old Barrie fairgrounds property.

Green World, a Markham company, bought the fairgrounds from Osmington for $48 million in 2022, court documents show.

Since Feb. 28, 2025, court documents show, Green World had paid $6.75 million of the remaining principal payment owing to the applicants, Osmington and the numbered Ontario company.

As of April 4, 2025, Green World’s total indebtedness was approximately $31.7 million, the court documents indicate, while interest, fees and costs have since accrued and continue to do so.

Green World Construction has proposed 3,185 to 3,235 residences on 55.3 acres at the old fairgrounds, in nine towers up to 40 storeys and four-storey townhouses. There could also be commercial space, a school block and an outdoor amenity space.

The rezoning application and the Official Plan amendment are both under review by city staff, say the development pages on Barrie’s website.