- What B.C. Supreme Court has approved the sale of Horizon 21 in Coquitlam
- Why A request for foreclosure was made in 2022
- What next A mixed-use project has been approved for the site
An acre of land in suburban Vancouver that’s approved for a high-rise development has traded for $14m in a court-ordered sale, Green Street News can reveal.
The sale originally came to court on an $11.25m offer made on the property, but prior to court the ultimate purchaser came in with the $14m accepted bid.
An appraisal of the land by Colliers in August 2023 had the property valued at $16.1m.
The site, at 837 Lougheed Highway and 218 Blue Mountain Street in Coquitlam, has approval for a 21-storey mixed-use building with 147 condominiums and 17,000 sq ft of retail space. Marketed as Horizon 21 by Centred Developments, it would be the first high-rise in the historic French neighbourhood of Maillardville.
No work has commenced.
The buyer is a numbered company, 1487907 B.C., according to court documents. B.C. Supreme Court approved the sale on July 8. Colliers handled the deal.
Foreclosure proceedings began in October 2022, according to court documents.
At the time, a company listed as 1129057 B.C. had filed a foreclosure petitioned against the mortgage holder, numbered company 1116191 B.C. and other respondents, claiming an outstanding mortgage amount of $7.9m with an 18% interest rate. The mortgage was signed in June 2021.
The outstanding amount had increased to $8.7m by April 2023.
