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Tuesday, October 4, 2022

Terrace House project under creditor protection

A luxury condominium tower in Coal Harbour may be never be built after the developer filed for creditor protection.

Terrace House was to be a 19-storey residential tower, built with hybrid timber construction and designed by prominent Japanese architect Shigeru Ban.

Terrace House rendering
Terrace House, designed by Pritzker Prize-winning architect Shigeru Ban, will be the world’s tallest hybrid timber structure. Credit: PortLiving
Terrace House PortLiving exterior
Tower exterior of Terrace House, designed by Shigeru Ban. Credit: PortLiving

On May 29, 2020, Port Capital Development (EV) Inc. and Evergreen House Development Limited Partnership (“Evergreen LP”), filed for relief under the Companies’ Creditors Arrangement Act (Canada) (the “CCAA”). 

The filing shows approximately $46.7 million in liabilities, including $20.1 million to CMLS Financial Ltd. (mortgage company) and $14.7 million to Aviva Insurance Company of Canada.

“As the companies are undercapitalized in terms of equity, they are unable to meet their obligation to fund any cost overruns on the Terrace House project. Furthermore, the Port Capital Group has been unable to advance funds, so the companies cannot pay the interest due to their construction lender, CMLS Financial,” reads a statement.

Unsecured creditors listed in the filing include Francl Architecture ($299,074.88), Urban One Builders CM Inc ($1,800,000.00) and Shigeru Ban Architects ($946,550.91), among others.

The full list of creditors is available here.

Terrace House rendering
Terrace House, designed by Pritzker Prize-winning architect Shigeru Ban. Credit: PortLiving

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Peter Meiszner
Peter Meisznerhttps://www.peterforvancouver.com/
📢 I am running for Vancouver City Council with A Better City (ABC) and Ken Sim! Visit peterforvancouver.com for more information.

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