Experts in distressed projects take over Kitchener development

Being an expert in rehabbing insolvent real estate projects used to be a niche business, but the buyers of a partially finished condominium project in Kitchener, Ont., say their special skills are more in demand than ever.

“We are doing more than we used to. Two years ago we could almost see it coming and we expanded internally. The writing was on the wall, at least to us,” said Elliot Steiner, president of ELM Developments Corp. He created a sub-brand to his construction business called Elm Forward that focuses on what he calls “special situations” of insolvent or unfinished buildings.