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.
Two arrest warrants were issued for the company’s CEO for not appearing at court hearings. He finally appeared last month.
The payment dispute, first reported by the Investigative Journalism Foundation, revolves around Cynterra Group’s Promontory development, a 120-unit townhouse development in Kelowna.
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.
“This exciting project which is comprised of a complete city block is in the planning phase. Updates will be posted as they become available,” the Cynterra Group website says of Langford Gateway. It notes that investment is “currently not available” for the project.
This week, Lanyard Investment Inc. filed foreclosure proceedings in B.C. Supreme Court, alleging Cynterra CEO Bob Fraser and Langford Gateway Developments defaulted on their mortgage, and must pay back about $8.2 million, along with daily interest of about $3,000 beginning July 25.
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Edited by Victoria Watcher, 02 August 2024 - 04:13 AM.