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The bid application by a Vancouver company to purchase the Sopa Square development in the Pandosy area of Kelowna has been approved by a court judge.
Photo Credit: Sopa Square
Aquilini Development and Construction submitted the application to purchase Sopa Square for $29.5 million at the end of September and now the application has been approved. But the judge’s decision only means that all the requirements of the sale have been approved and now a waiting game must begin. The approval is called a stocking horse order and means that a six weeks process will allow other interested parties to come forward and attempt to outbid Aquilini Development.
Photo Credit: Sopa Square
In January, 2014 the project went into receivership after hitting a financial crisis. More than $45 million has been invested into the project including millions secured by creditors. Information about the deal has yet to be released, but the marketing manager Marshall McAnerney with Colliers says the process will begin on Monday.
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