Howard is a Staff Writer based in Vancouver. He was formerly the Deputy Editor of 604 Now, and has written about the media industry for OneZero and international politics for WhoWhatWhy.
A second high-profile high-rise tower that was planned for the West End of Vancouver is now joining the ever-growing list of development projects that are facing insolvency, with the developer in debt and the project site now being sold through a court-ordered foreclosure process, according to filings in the Supreme Court of British Columbia and a sales brochure obtained by STOREYS.
Other respondents listed in Pacifica's petition to the court include King One Development Corp Ltd., King One Development Corp Ltd., JPV Real Estate Capital Ltd., JPV Real Estate Capital Ltd., Align BC Properties Corp, Align BC Development Corp., Zhong Liang, He Xing Liang, Xue Fen Tan, and Genesis Mortgage Investment Corp. The roles of those respondents in the 1555 Robson project were not all detailed, but they are likely all stakeholders or creditors in the project.
Applications for conduct of sale were filed by both Pacifica Mortgage Investment Corporation and Genesis Mortgage Investment Corp and were both granted by the Supreme Court on February 12. Genesis Mortgage Investment Corp holds a second-ranking mortgage against the 1555 Robson property and were owed $11,528,566.82 as of August 22, 2023.
For Vivagrand Developments, this is also not the first of its planned projects to fall into trouble. It's mixed-use project consisting of a 33-storey condo tower and 12-storey office tower that was planned forIn its latest provincial forecast, CIBC Capital Markets predicts that the country could be in store for a 125-basis-point rate cut this year.City Council voted in favour of the 9.5% increase to the residential property tax rate when they met on Wednesday to finalize the 2024 budget.
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