Coromandel Properties, which has a former Vancouver city councillor among its principals, filed a petition in B.C. Supreme Court this week.
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Louie did not immediately reply to a request for comment Wednesday. The lawyers from the Vancouver firm Clark Wilson LLP, who filed the petition in B.C. Supreme Court earlier this week on behalf of Coromandel, did not reply to emails and phone messages. The petition complains that its financial difficulties stem, in part, from Vancouver’s “complex, expensive and slow” process for developing real estate. It also says it often takes years just to complete land assemblies for the larger projects and that the planning process, including rezonings and development applications, also “can take many years.”“Due to the rise of interest rates since 2022, the petitioners have had difficulty servicing the secured debt on the projects,” it says.
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