Howard is based in Burnaby and covers real estate, housing policy, and the development industry. Signal: HowardChai.24
The Bayrock Terrace project was being developed by Aultrust Financial and was planned for 3000 Henry Street in Port Moody.Unfortunately, developers across British Columbia — and Canada — continue to face insolvencies, with the latest to join the list being the Bayrock Terrace project planned for Port Moody.
The properties are legally owned by 0790857 BC Ltd. and beneficially owned by 3000 Henry Street Limited Partnership, which is itself owned by, the Bayrock Terrace has received final approval from the City of Port Moody and the proposal is for 173 apartments and "ground-oriented homes," with some of the homes set to be rent-to-own units.
According to court documents, the opposing unit holders own a majority of 3000 Henry Street Limited Partnership, but KingSett said that those unit holders "do not have standing in this matter" and "opposition to the appointment of a receiver will result in unnecessary delays in KingSett’s enforcement efforts and erode the value in the Property."
"The unit holders became unhappy with Navid and Amin's handling of the marketing and sale efforts," the opposing unit holders said. "Many formed the view that Navid and Amin were pursuing transactions with a view to benefitting themselves personally ."The Bayrock Terrace project is now likely headed towards a court-ordered sales process.
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