December 10, 2020 - International Estonian Centre Inc. (“IECI”) and Northern Birch Credit Union Limited (“Northern Birch”) are pleased to announce the closing of the sale of 11 Madison to the International Estonian Centre project on December 9th, 2020, taking the next step in the development process that launched in 2017 with the signing of the letter of intent with the City of Toronto for the purchase of 9 Madison Avenue. This was followed by the Estonian House in Toronto Limited (“EHTL”) shareholder special majority decision to participate in the project as it was seen to best meet the needs of the Estonian Community by ensuring a viable and sustainable centre for successive generations.
The closing of the 11 Madison sale is a major milestone. The International Estonian Centre project has now completed the land assembly on the Madison site and can start construction. This aligns with the contracting of the construction manager and with groundbreaking, scheduled for the beginning of 2021.
The 11 Madison property was sold in adherence to the credit union's regulatory requirements, at the current fair market value appraisal. The credit union's objective was to, at a minimum, recover its costs related to buying and holding the property for nearly 7 years. As the result of these two considerations, Northern Birch is making a significant donation in 2020 to the Estonian Arts Centre (“EAC”) to support the development of the new International Estonian Centre in which EAC intends to conduct its charitable activities.
EHTL, Northern Birch, the Estonian Foundation of Canada, and Tartu College remain unanimous in their commitment to support the build of a sustainable space that we can all be proud of, one that meets the needs of the Estonian community and showcases our culture, heritage and entrepreneurship.
Northern Birch Credit Union Limited is a member owned financial institution with $200 million in assets with 3 branches in the Greater Toronto Area. It is based on cooperative principles and serves its members with competitive rates and truly personal service. Learn more about becoming a member at northernbirchcu.com and stay up-to-date with all of our news and updates by signing up for our e-newsletter here.
International Estonian Centre in downtown Toronto will be a dynamic hub showcasing our rich heritage and promoting Estonian innovation. It will be a vibrant gathering place for Estonians of all generations and backgrounds to connect, celebrate, and share our culture and achievements with each other and the world. (Opening mid-2022). Visit estoniancentre.ca to learn more and to sign up for the monthly newsletter.