First Nation’s high bid claims bankrupt Sechelt development – Business in Vancouver
February 26, 2020
The Shíshálh (Sechelt) Nation has outbid other suitors by approximately $400,000 to buy the 396.9-acre site of a failed mixed-use waterfront development on the Sunshine Coast north of Vancouver.
The development had fallen into foreclosure in 2018 when the owner, SSC Properties Ltd., failed to get to public hearing at Sechelt council two years ago this month. SSC had planned to develop approximately 1,600 homes and retail-resort facilities on the Porpoise Bay lands on Sechelt Inlet.
When the permit bid died, SSC put the site up for sale for $23.8 million.
In June 2018, Eagles Edge Capital Corp. started foreclosure proceedings against the company, claiming SSC had defaulted on a $10.75 million mortgage.
Read More: https://biv.com/article/2020/02/first-nations-high-bid-claims-bankrupt-sechelt-development