Larco Investments forfeits $20 million in failed Burnaby land deal.
An 18.5-acre plot of industrial land in Burnaby won’t be the home of a new film studio, and while the mayor wants to enhance the property as park, there’s a few potential options for the site, city officials say.
“They lost their deposit, basically, of $20 million, and decided not to develop, which means the property belongs to us still,” Burnaby’s CAO Leon Gous told the Burnaby NOW. “Since it was a conditional sale, the city has not recorded the purchase price as revenue, and therefore, there is no impact on the city’s finances,” city spokesperson Chris Bryan told the NOW.
“Seeing more and more need to preserve lands of importance in our city, I’ve decided, as this didn’t move forward as an incredible employment opportunity, that now is an opportunity to protect something for future generations,” Hurley said at a council meeting April 15.Gous told the NOW only about 11 of 18 acres on the property in Big Bend are developable due to the creek that runs through it.
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