87 replies to this topic

[VicHockeyFan]

Anthem considers buying Aquattro out of receivership

By Carla Wilson, Times Colonist February 2, 2011

Vancouver-based Anthem Properties is mulling over spending $16 million to buy the Aquattro site in Colwood out of receivership.

If the deal goes ahead, Anthem would also market 37 unsold strata lots on the property on behalf of the receiver, Sylvia Yung, vicepresident of communications, said on Tuesday.

Read more: http://www.timescolo...l#ixzz1CouiSV4e

[VicHockeyFan]

That’s certainly true of the Aquattro development in Colwood, which had been on the market since it was tipped into receivership in early 2010.

But there may be new life injected into the Aquattro project.

According to Ernst & Young, the court-appointed receiver for the bankrupt development, Vancouver-based Seacliff Property Acquisitions’ $10.2 million bid for the undeveloped lands attached to the project was approved by the courts last week.

While Seacliff representatives did not return calls immediately, their bid gives them the chance to continue with the development that was originally to be a 585-unit housing complex of condos and townhomes on the 20-hectare site.

When the $350 million project went into receivership in February 2010, 88 units had been built in four buildings.

The sale price of $10.2 million is well below the original listing price of $17.5 million, and down from the $16 million Anthem Properties offered for the undeveloped lands in 2011.

That sale was not completed as Anthem terminated the deal citing a number of factors including the deterioration of the real estate market in Victoria, uncertainty over geotechnical issues and objections of interested parties in the development designs proposed by Anthem.

Anthem did take on a marketing contract with receivers Ernst & Young. And according to the receiver’s most recent report to the courts, Anthem has sold 15 of the 37 remaining units for $7.93 million.

Seacliff Properties is a privately owned real estate company with a suite of large-scale construction and development projects throughout Western Canada. Their holdings include real estate and developments in the commercial, industrial and residential sectors.

http://www.timescolo...e-court-1.56092

[Mike K.]

Looks like Ernst & Young lucked out by not selling the land to Anthem for $16 million.

[concorde]

Seacliff is part of the Churchill Group which also owns Stuart Olson Construction and Canem Systems

[Mike K.]

Thanks for the heads up, concorde. Are we talking about the same Churchill that recently renovated the Churchill building in the 700-block of Yates?

[concorde]

Thanks for the heads up, concorde. Are we talking about the same Churchill that recently renovated the Churchill building in the 700-block of Yates?

Not sure, can you give me some more details. I don't even know which building you are speaking of

[14 West]

The new name for Aquattro and modified development plans are being revealed next Tuesday by the new-ish owner. The Aquattro gate signs were stripped down a few weeks ago.

Which begs a few interesting questions:

Given that three buildings plus some townhouses were completed, can the developer can still just arbitrarily change the name of the complex or the names of the buildings in which they still own the majority of the units? At which point do they have to hand over control of the shared spaces that the development was supposed to enjoy between all the buildings? Ever? Currently these people bought into not only their unit, but also the idea of shared green spaces, trails, a finished properly paved road etc.. that do not exist - if the developer chose not to complete is there any obligation to either finish those amenities or hand over the raw land they were supposed to be on? Just curious, hard to find this info on a google search.

[LJ]

^If there is a new owner he can do whatever he likes. Buying a property out of bankruptcy means all the original covenants and promised amenities are null and void.

However, if the new developer wants to sell any units in the new construction he would be wise to complete the majority of amenities first. That was why the sales were so slow at the original buildings after they went bankrupt, nobody could tell you what was going to be built in front of you.

If it turns out to be another quality development that complements the existing structures then the folks that bought in to the existing units at distress sale prices will have made a very good choice. OTOH if they put up something detrimental to the existing units ......

[Koru]

Thanks for the heads up, concorde. Are we talking about the same Churchill that recently renovated the Churchill building in the 700-block of Yates?

No - its a different Churchill.

The Churchill that owns Seacliff, Stuart Olson, Canem etc and the former Aquattro site is http://www.churchillcorporation.com/

The Churchill that renovated the Churchill Building is a private investment firm based in Vancouver
http://churchillinvestments.com/

[Mike K.]

Thanks for the clarification, guyinthesky.

[Mike K.]

Seacliff Properties, the new owner of Aquattro, has renamed the project to Ocean Grove. Website.

[MarkoJ]

Just received an email from this project...

 

TAKE ADVANTAGE: FINAL OPPORTUNITY TO OWN!
 

Now is the best time to buy at Ocean Grove! With the sale of the first phase of homes a great success, Ocean Grove has just released two final large one bedroom homes at unbeatable Christmas prices! 
 

With a spacious floor plan of over 900 sq ft, these one bedroom and den homes feature smart open layouts with a flexible den with glass sliders ideal for a home office or murphy bed. West facing and move-in-ready, these homes overlook the beautiful Royal Roads parklands and even boast partial water views. 
 

Enjoy more space for less, just 20 minutes from downtown Victoria! Stunning ocean front location, exceptional quality and unbeatable prices only available at Ocean Grove. 

 

207- Plan B - $295,000 + GST
 

307 - Plan B - $305,000 + GST

[VicHockeyFan]

http://www.timescolo...oject-1.1782576

 

Developer seeks to expand Esquimalt Lagoon project

 

The developer behind the $400-million Ocean Grove project bordering Esquimalt Lagoon in Colwood hopes to add more units and different kinds of homes, as well as commercial space.

 

Vancouver-based Seacliff Properties has amended its application to the municipality, adding townhouses, duplexes and single-family dwellings to existing and planned condominiums.

 

About 200 additional units are also proposed, bringing the total count to 870 units across the site east of Heatherbell Road, between Seafield Road and Lagoon Road.

 

“I would characterize them as evolutionary changes, as opposed to wholesale changes,” said Iain Bourhill, director of planning for Colwood.

 

The amendments, part of a rezoning bylaw application and an application to change the city’s official community plan, have had their second reading by council.

 

There will be an opportunity for public consultation toward the end of March, planner Ivo Van der Kamp said, before council considers any changes.

 

Seacliff describes the architectural style as “contemporary and modern, but not sterile and soulless.” Plans include enhancement of the landscape and riparian area, as well as glass walls to connect the inside with nature. The property is adjacent to Royal Roads University grounds.

 

Five types of housing are envisioned, including low-rise and mid-rise apartment buildings, townhouses, single-family homes and duplexes. The maximum 13-storey mid-rise towers would be at the west end of the site. Four- to six-storey low-rise buildings would be on the site’s north and south-west, and townhouses, single-family homes and duplexes would be toward the eastern end. A park is planned for the bottom third of the site.

 

- See more at: http://www.timescolo...h.afzjeAQo.dpuf

[Mike K.]

Mid-rise? That's the first time in the TC's history a 13-storey building has been referred to as such.

[Nparker]

I'll believe any of this is possible perhaps 10 years after it is completed.

[VicHockeyFan]

Mid-rise? That's the first time in the TC's history a 13-storey building has been referred to as such.

 

Indeed.  In 2006 a different TC reporter called a 12-floor building on the site a highrise.

 

  Colwood councillors have given the green light to a 585-unit high-density highrise development that will preserve 40 per cent of the 19.2-hectare waterfront parcel on Esquimalt Lagoon as greenspace.

 

 

Two of the planned buildings have been reduced to four storeys from eight and one to six storeys from eight. Three buildings are to be 10 to 12 storeys,

 

http://www.birdsofaf...ritish-columbia

[AllseeingEye]

Mid-rise? That's the first time in the TC's history a 13-storey building has been referred to as such.

No kidding; along Esquimalt Road, near the intersection of Lampson Street or in that general vicinity there is the proto-typical Greater Victoria box apartment called "X" (sorry I cannot recall the first word) Towers" - it is 3 stories high.

[Sparky]

Faulty

[Nparker]

...along Esquimalt Road, near the intersection of Lampson Street or in that general vicinity there is the proto-typical Greater Victoria box apartment called "X" (sorry I cannot recall the first word) Towers" - it is 3 stories high.

And "plural" towers yet.

[Mr_E_Squirrel]

George Towers https://goo.gl/maps/kyeGJ

 

 

 

No kidding; along Esquimalt Road, near the intersection of Lampson Street or in that general vicinity there is the proto-typical Greater Victoria box apartment called "X" (sorry I cannot recall the first word) Towers" - it is 3 stories high.

Edited by Mr_E_Squirrel, 06 March 2015 - 04:12 PM.