The City of Burnaby has filed a civil suit against Madeira Manor 2018 Ltd. and Thind Development (Maywood) Limited Partnership for unpaid public amenities fees related to a planned development at 6677 Silver Avenue.
The payments were pertaining to 6677 Silver Avenue, which is owned under Madeira Manor 2018 Ltd. and was acquired by Thind Properties earlier this year.The City of Burnaby is the latest entity to have filed a civil suit against embattled Burnaby -based real estate developer.The Notice of Civil Claim was filed in the Supreme Court of British Columbia just before Christmas, on December 23, against Madeira Manor 2018 Ltd. and Thind Development (Maywood) Limited Partnership. Madeira Manor 2018 Ltd.
is the registered owned of 6677 Silver Avenue (also known as 4330 Maywood Street), a development site near Metrotown Station that has been the subject of a development proposal for several years that has yet to materialize. As first reported by STOREYS in December, Thind Properties acquired 6677 Silver Avenue from the previous owner — Kirpal Properties Ltd., Nita Developments Ltd., and SVM Properties Ltd. — for $22,000,000 in or around April 2024. The transaction was completed via the sale of the shares in Madeira Manor 2018 Ltd. and was first disclosed in a.According to the City of Burnaby, it granted final adoption of the bylaw to rezone 6677 Silver Avenue in June 2022. Planned for the site was a 24-storey tower that the previous owners had named 'As part of the rezoning, Madeira agreed to provide cash in lieu of public amenities for the purpose of obtaining a density bonus as described in section 6.22 of Burnaby Zoning Bylaw, 1965,' said the City in its Notice of Civil Claim. 'Instead of paying cash at the time of the rezoning, Madeira and the City agreed to a deferred density bonus payment of $5,677,624.07.' The payment was secured via a covenant registered on the land title and the owners were obligated to make quarterly interest payments, with interest accruing at the RBC Prime Rate + 2% per annum. According to the City, the first interest payment was due in September 2022, which the City invoiced Madeira Manor 2018 Lt
Burnaby Developer Real Estate Civil Suit Public Amenities Rezoning
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