Bankrupt condo project sells for $3.1m

amil Kara of Vancouver confirmed this morning that his company, J. Kara Capital Corp., submitted the winning bid of $3,101,010 for the old Spectator printing plant at 80 King William St.

It went into receivership last year before being completely converted into a 50-unit condo apartment building.

Receiver Ira Smith had recommended selling the project to Canlight Realty Corp. of Mississauga for $2.2 million until Kara Capital submitted a last-minute offer of $2.5 million last week.

Ontario Superior Court Justice Peter Cumming then allowed anyone interested to submit sealed bids by last Friday afternoon.