Lenders Seek to Put 60-Storey Curv Project in Receivership
Vancouver’s 60-storey Curv luxury multi-residential project is facing receivership.
The project’s fate could be determined in coming days a court hearing is set for July 25.
A lender group led by the Royal Bank of Canada has formally asked the court to declare the project at 1075 Nelson Street insolvent after a $90-million mortgage was not repaid in April, according to multiple reports that cite court documents. The Bank of Montreal and Meridian Credit Union are also part of the lender group.
Montreal-based Brivia Group is developing the property in partnership with local developer Henson Group. WKA Studio is providing architectural services.
Curv is slated to become Canada’s largest Passive House-certified project. The city has approved it, but construction has yet to begin.
The developers agreed earlier this year to pay the city $55 million to reduce the number of planned social-housing units in accordance with West End zoning policy.
The property changed ownership several times before Brivia acquired it in 2021. According to the report, presales of high-priced condominium units have been slow, with the lack of demand contributing to the project’s difficulties.
“The project was completely ill-conceived from day one and those in the development industry knew as much, but there was a very ambitious project manager who no doubt made a lot of money, along with the real estate agents and other consultants and previous owners of the property,” Michael Geller, president of consultancy firm the Geller Group, told Postmedia.
Geller, a retired architect, real estate developer and consultant, recalled going to the CURV launch party at the project’s downtown sales centre.
“I suspect someone will try and buy this property at a discounted price and likely hold on to it for a while since right now, it really doesn’t make sense to build either condominiums or a purpose-built rental on this site,” he told Postmedia.
Pictured: The Curv project (left) next to another tall tower, known as the Butterfly, in Vancouver’s West End.
Rendering: City of Vancouver
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Remax Professionals
Re/Max Real Estate Professionals | New York
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Eamonn McConnell
Avison Young - CA - ON - Greater Toronto
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout