Seattle Developer To Buy Stalled Pierwell Project For $37.5M
A Seattle developer is set to acquire the stalled Pierwell luxury project in West Vancouver for about $37.5 million, giving the Dundarave site a path forward after its owner fell into receivership.
The B.C. Supreme Court approved the sale to Basel Capital on Aug. 25, court records show. The transaction is expected to close in September.
Pierwell, at 2468 Marine Drive, was planned as a 36-home mixed-use development with commercial space in the heart of Dundarave Village. The District of West Vancouver approved a development permit in July 2022, but work stopped.
MNP was appointed receiver March 3 over 2490 Marine Drive, Dundarave Beachside GP and Dundarave Beachside Limited Partnership. The proceeding followed an application by senior secured lender Pacifica Mortgage Investment, with secured claims exceeding $54 million.
Colliers marketed the court-supervised offering as a well-advanced development opportunity. Its listing says early stormwater work has been completed and approvals are in place for a three-storey building containing about 24,800 square feet of retail and office space.
The deal lands as West Vancouver faces provincial pressure to add housing after delivering just 58 of its 220-unit first-year target. Victoria has ordered greater density in areas next to Ambleside and Dundarave.
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
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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