As big-time real estate enthusiasts, nothing makes us sadder then seeing a good development get stalled before it even moves off the ground.
On the flip side, nothing makes us happier than when we see a good project get revived by a developer who knows how to get the job done.
And that’s just what will happen by the end of the week in BC, as the province’s Supreme Court moves toward closing a deal that will allow the stalled Evelyn project in West Vancouver to receive a new lease on life.
Onni, the highly acclaimed Canadian developer, will acquire Evelyn Properties, a move that will allow them to start building the 349 units planned for the 20-acre site. The project will comprise condos and townhomes.
For those who need a brief backgrounder: the development was planned to be built along Taylor Way, but stalled when Millennium Development — Evelyn‘s parent company — defaulted on the $72 million mortgage causing the project to go into receivership. The default was linked to Millennium’s involvement with the Olympic Village project.
The project will take several years to complete, but Onni believes that there’s significant, long-term demand from homebuyers who wish to live in West Vancouver. Clean up on the job site is underway and the first phases of construction will begin this fall, along with Onni‘s pre-sales campaign.
Multi-family residences will probably be priced in the $700,000 to $1.7 million range.
“[Evelyn] has some unfortunate history to it,” Onni executive VP Chris Evans said in a quote that appeared in the Vancouver Sun on Tuesday. “But Onni has the ability to make good on the plan that’s currently there and work with the community to get it built.”
Exciting? You bet! It will be great to see things moving in full swing for this project in the fall, but until then, the mere fact that Evelyn will be revived is splendid news indeed!