The Davie & Nicola project was proposed by Align Properties, formerly known as Vivagrand Developments, for 1485 Davie Street in the West End of Vancouver.The planned Davie & Nicola condo project set for the West End of Vancouver will not be getting off the ground anytime soon, as the development site has been listed for sale as part of a foreclosure proceeding, according to Supreme Court of British Columbia filings obtained by STOREYS.
The next month, the two parties reached a forbearance agreement that gave Align Properties until September 30, 2023 to repay the debt. As part of that forbearance agreement, Align Properties also had to pay their 2023 property taxes. But Align Properties was unable to do so, breaching the agreement, and the company currently owes $121,005.37 in property taxes and $6,211.97 in outstanding utilities costs to the City of Vancouver.
In foreclosure proceedings, the order nisis also set a redemption date, by which the debtor has to pay the amount they owe in order to halt the foreclosure. The redemption period is six months, by default, but the period can be shortened if the petitioner can show that there is little to no evidence that the debtor can pay the amount owed.
"The acquisition opportunity is well positioned for developers looking for prime development land in one of the most sought after locations in Vancouver, just steps from English Bay," Avison Young notes.The listing also notes that the site allows for high-rise residential development, as evident in Align Properties' previously plans for the site.