This week, Lanyard Investment Inc. filed foreclosure proceedings in B.C. Supreme Court against Cynterra CEO Bob Fraser and Langford Gateway Developments
The developer whose company is behind the proposed Langford Gateway project is in a legal battle over the firm’s failure to pay contractors on a partially completed Kelowna development.
Promontory is one of two projects listed on Cynterra’s website, along with the proposed Langford Gateway project. That plan is for 22- and 18-storey towers on land bordered by Arncote Avenue, Peatt Road and Sunderland Road, with 269 units in the initial two towers and two more buildings in a future phase with about 200 units and office space.
Lanyard’s allegations have not been tested in court and neither Fraser nor Langford Gateway Developments had formally responded to Lanyard’s petition to the court this week.The rezoning application for the Langford Gateway project is at the third-reading stage, a municipal spokesperson said Thursday, adding the city is waiting for the applicant to complete requirements set by council before it goes to final reading.
The hearings were to be held to determine how Fraser planned to repay two default judgments that had been ordered against his company for unpaid security monitoring services and for appliances for the Promontory development. Prior to the court appearance, Fraser told the Investigative Journalism Foundation that his company owed “a very small amount” compared to the scale of the project, and he had “never heard of something like this.”
In their notice of civil claim, Six Technologies says they provided security monitoring services from May 2022 to October 2023 and Cynterra “were repeatedly late in paying their monthly invoices.”
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