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The SOPA Square deal has been completed and the property now belongs to Vancouver company Aquilini Development.
Photo Credit: KelownaNow.com
The $29.5 million deal had been approved by a court judge on December 5th, 2014, which was then followed by a six week process that would allow other interested parties to come forward and attempt to outbid the Aquilini group. The period passed and no one managed to outbid the company for the building located along Pandosy Street in the Mission.
In January 2014 the company in charge of the project announced that SOPA Square was going into receivership after more than $45 million had been invested. This included securing millions of dollars from creditors.
Photo Credit: KelownaNow.com
Marketing manager Marshall McAnerney with Colliers is excited to see the deal finally completed.
“They are proceeding as planned, the court has approved it and its official now, they officially own the property,” said McAnerney. “They will move forward with a pre-selling campaign and I suspect that will happen in the next couple of months, and hopefully the units will be for sale very soon.”
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.
Photo Credit: KelownaNow.com
Several tenants already occupy the building but there is still plenty of space to be filled on both the first and second floors.
Aquilini Development has developed projects such as commercial and residential buildings throughout Vancouver and the lower mainland. KelownaNow has reached out to the marketing manager for Aquilini Development but did not hear a response in time for the article. Once more information is available we will update readers about the next steps for project.
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