Vancouver Sun
\nSeptember 7, 2011<\/p>\n
West Vancouver\u2019s troubled Evelyn development has a new lease on life. The 20-acre, 349-unit project, which has sat idle for nearly two years after its parent company, Millennium Development, defaulted on a $72-million mortgage, has been acquired by the Onni Group with the deal expected to close this week.<\/p>\n
Onni said that means the $400-million project, whose default was linked to Millennium\u2019s involvement with the Olympic Village project, will see presales likely begin this fall, probably in the $700,000-to-$1.7-million range for multi-family residences. The project, which also includes single detached homes, is expected to be completed in about seven years. Preliminary cleanup work on the site just north of the Park Royal Shopping Centre has already begun. \u201c[Evelyn] has some unfortunate history to it,\u201d Onni executive vice-president Chris Evans said in an interview Tuesday. \u201cBut Onni has the ability to make good on the plan that\u2019s currently there and work with the community to get it built. \u201cIt has a lot of unique aspects to it.<\/p>\n
Once built, it will likely be a neighbourhood that\u2019s award-winning. \u201cThe opportunity for our company to be involved in a project in this neighbourhood is a rarity. You don\u2019t see many projects of this size in West Vancouver and that\u2019s part of the significant appeal for us.\u201d Evans said Onni has inherited all municipal approvals and permits that were in place for the Millennium Evelyn development, and that few changes are anticipated. \u201cThere will be some updates, but generally it\u2019s the same project.\u201d Marcel Peerson, lawyer for the receiver, the Bowra Group Inc., said B.C. Supreme Court approved the restructuring agreement in June with the deal slated to close this week. According to Onni, construction of the first phase will begin this fall along with the pre-sales campaign. Evans, who would not release specific details of the deal because of a confidentiality agreement, said the purchase signals its confidence in the market in general, and in the B.C. economy. He believes the units will be popular, adding: \u201cOur expectation is that the local real estate community will take a keen interest in the site.\u201d Evans also said that buyers from the original presale several years ago have been refunded their deposits. \u201cOur plan is to see if they\u2019re still interested.\u201d He said the Evelyn development will allow many West Vancouver residents to downsize within their community and live in a home that\u2019s close to services including the Park Royal Shopping Centre.<\/p>\n
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Vancouver Sun September 7, 2011 West Vancouver\u2019s troubled Evelyn development has a new lease on life. The 20-acre, 349-unit project, which has sat idle for nearly two years after its parent company, Millennium Development, defaulted on a $72-million mortgage, has…
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