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.
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.
I guess this luxury condo project won't be going ahead. pic.twitter.com/GEJz4CMWkS
— Frances Bula (@fabulavancouver) June 25, 2020
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.