The Modus project, initially facing financial difficulties and placed under receivership, has been acquired by Westgate Pacific Investments. Located in Vancouver's Marpole neighbourhood, the 17-townhouse development will be added to Landa Global Properties' portfolio of boutique developments.
The Modus project, initially planned for 7576 Granville Street in Vancouver by Centred Developments, has undergone a significant change in ownership. Originally placed under receivership in May 2024 due to financial difficulties, the project is now set to be acquired by Dura Construction Ltd., as per filings in the Supreme Court of British Columbia. This 17-townhouse development, situated on a 19,341-sq.
ft lot at the intersection of Granville Street and Park Drive in Vancouver's Marpole neighbourhood, faced challenges during its construction. Centred Developments encountered cost overruns, leading to adjustments in the project's plans. Reports emerged in July 2023 indicating a shift from concrete to woodframe construction. First Commercial Bank, holding the primary mortgage on the project, grew concerned about the loan's adequacy and began demanding monthly interest payments. While Grandlake Investments Corp., the property owner, managed to meet these payments until November 2023, they ultimately defaulted on the December payment, triggering receivership proceedings. The receivership commenced on May 20, 2024, with an outstanding debt of $10,600,756.12. Colliers, appointed as receivers, listed the property in late September without an asking price. A significant number of potential buyers expressed interest, drawn by the prime location, the project's size, and its advancement stage. Dura Construction Ltd.'s offer of $9,300,000 was eventually accepted. However, the court-ordered sales process allowed for competing bids, leading to Westgate Pacific Investments Limited Partnership acquiring the project for an undisclosed amount. The Westgate offer, approved by the Supreme Court on January 16, 2024, is expected to close in March. Landa Global Properties, the parent company of Westgate Pacific, expressed enthusiasm about the acquisition, emphasizing its strategic fit within their portfolio of boutique developments on Vancouver's West Side
Modus Project Vancouver Receivership Westgate Pacific Investments Landa Global Properties Real Estate Development
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