A 1.49-hectare Niagara Falls site already rezoned for 583 residential units, a 300-room hotel and commercial space has fallen into receivership over more than $20.8 million in debt.

The properties at 6663, 6671 and 6683 Stanley Ave. and 5582 and 5640 Dunn St. are owned by Stanley JV, with Stanley Development Limited Partnership identified as the beneficial owner.

Niagara Falls council rezoned the lands in 2022 for three 30-storey towers above a five-storey podium. The approved concept includes two residential towers containing a combined 583 units and a third tower with 300 hotel rooms, along with retail and restaurant space.

Albert Gelman became receiver Sept. 1 after the debtors failed to repay senior secured lender Darko Vranich Holdings by an Aug. 31 deadline. Insolvency Insider reported an original $15-million loan had grown to more than $20.8 million.

The approvals materially advance the property beyond raw redevelopment land. The ownership had also pursued severances intended to divide the site into three parcels and allow construction to proceed in phases.

The site currently includes the roughly 60-room Rodeway Inn Fallsview and other hospitality uses.

No court-approved sale process has yet been disclosed. The receivership puts control of the entitled redevelopment site and existing operations in Albert Gelman’s hands.