Sopa Square Development (Photo Credit: KelownaNow.com)
The company that owns the Vancouver Canucks is eyeing up a troubled property in Kelowna as it looks to take over construction.
Aquilini Development and Construction has submitted a bid application to buy out Sopa Square for $29.5 million. According to Kevin Hoffman, Senior Vice President at Aquilini Development, the application has been submitted in court and it is up to a judge to render a decision as to whether or not the sale would meet all requirements. If the application is successful there will be a 45 day period for other perspective construction companies to come forward and out bid them.
Sopa Square Development (Photo Credit: KelownaNow.com)
The Sopa Square project hit a financial crisis after the market turndown in 2008 and in January, 2014 the project went into receivership. The building, located on South Pandosy Street has few tenants and sits largely empty while a new project buyer is found.
In total more than $45 million has been invested into the project including millions secured by creditors. Aquilini Development has developed projects such as commercial and residential buildings throughout Vancouver and the lower mainland.
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