- What 10227 King George Boulevard has been listed in a court-ordered sale
- Why The building’s owner is in default
- What next The property is in the application process for a 67-storey tower
Investors are getting a crack at a development site slated for a 67-storey residential project in the Vancouver suburb of Surrey.
The 1.6-acre property at 10227 King George Boulevard hit the market on Tuesday afternoon as a court-ordered sale. The asking price is $60m, well below the $75m price tag it had reportedly been listed for in recent months. CBRE has the marketing assignment.
Plans called for a 746-unit residential tower with 310 feet of frontage along Surrey’s busy King George Boulevard. An application for the mixed-use development plan has been submitted to the city, marketing materials said.
The property currently is home to a 30,000 sq ft retail plaza that provides income. The site is near the Surrey Central Skytrain station. Simon Fraser University’s Surrey campus and Central City Mall are nearby.
Storeys reported in July that in April, Pacifica Mortgage Investment Corp. foreclosed on the property, as a $27.5m mortgage belonging to AimForce Development Group was in default.
