Local Community Advertising
It’s a done deal…the Aquilini Group will be moving forward with the purchase of the SOPA Square development in a deal worth $29.5 million dollars.
Photo Credit: KelownaNow.com
The bid application from the Vancouver Canucks owner was approved by a court judge on December 5th, 2014. This was then followed by a six week process that would allow for other interested parties to come forward and attempt to outbid Aquilini Development.
According to marketing manager Marshall McAnerney with Colliers, that period has now expired.
“The Receiver has issued a Certificate to the Aquilini Group and the Court terminating the Sales Process in accordance with the terms of the Sale Process,” said McAnerney. “The Receiver is working with the Aquilini Group to close the transaction in accordance with the Stalking Horse agreement, with a target closing date of mid-February.”
​Photo Credit: KelownaNow.com
The project, along Pandosy Street in the Mission, went into receivership in January, 2014 after hitting a financial crisis and more than $45 million has been invested into the project including millions secured by creditors. But now that a new owner has been found the project can move forward as intended.
The newly constructed building consists of 40,000 square feet of ground floor retail space and 23,490 square feet of first floor office space. A newly constructed below ground parkade containing 213 parking spaces and a surface parking lot containing an additional 58 spaces. McAnerney expects spaces to fill up quickly in the stylish building once the deal is completed and says interest has been high since Aquilini Development showed interest in the property.
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