Mariner’s Village goes into receivership

Condor Properties Ltd., announced Dec. 2 it is going into receivership with debt in excess of $20 million

Every community, big or small, has its big dream, whether it’s a commercial centre, a recreational hub, a new means of transport, or a big school.

Sooke’s dream was Mariner’s Village, a multi-million-dollar mixed-use waterfront development with townhouses, condos, office buildings, even a new library, making it the town’s biggest construction project to date.

That dream faded however, following delays and stagnating in its first stage of construction, its developer, Condor Properties Ltd., announced Dec. 2 it is going into receivership, with debt in excess of $20 million.

Bowra Group, a Vancouver-based company specializing in debt reduction, bankruptcy and financial advice was appointed by the B.C. Supreme Court to handle the receivership.

“They [Mariner’s Village] were struggling for some time, and without money to spend on marketing, they couldn’t really get the word out,” said Chris Bowra, BG’s vice-president, adding the company had been trying to get re-financing for some time.

Bowra will also look at the vacant land that sits there, including the marina, all of which are subject to the receivership. The marina has a lease with the province however, meaning it would be able to sell the company’s interests in that lease agreement.

This is to re-market the units which includes fixing them up, and making them “as marketable as possible,” according Bowra.

In total, there are 25 units, eight townhouse units and 17 condominium units, 13 of which are rentals.

All 13 renters now face eviction from the property by the end of February. The only option to stay is to buy the property, but many of the renters don’t have any other choice but to leave.

Gerald and Lois Meyer, an elderly couple from Medicine Hat, moved into Mariner’s Village a year and a half ago, feeling giddy of their new home.

Now they face an impasse, as they don’t want to leave town, but can’t find another fitting place either.

“It’s difficult, because there’s nothing in Sooke that would suit us. I’m 79, my wife’s 77 … if we’re living in an apartment building, we’ll need an elevator,” Meyer said.

The Meyers pay $1,350 per month on rent for their two-bedroom, two-bathroom suite.

Despite the unfortunate outcome, Meyer feels not much can be done for themselves and the other renters, other than pick up and go.

 

Michael Barrie, CEO of Condor, Mariner’s Village’s developer, was not available for comment.

 

 

Just Posted

Campfire ban coming into effect across West Coast

The Coastal Fire Centre says bans will begin on Wednesday

LETTERS: It’s time to stop looking for excuses

Re: Proposed fishing restrictions will be devastating: officials I understand how those… Continue reading

UPDATE: Woman hit by car in parking lot 93 years old

Driver of sedan backs into older adult walking through lot

Delivery truck downs power lines in Sidney

A tractor trailer delivering eggs clipped a low-hanging wire on Second St.… Continue reading

Stolen West Shore vehicle found in ocean off Oak Bay

SUV was submerged 90 feet from shore at Cattle Point

Trudeau asks transport minister to tackle Greyhound’s western pullout

Prime Minister Justin Trudeau says he’s asked Transport Minister Marc Garneau to find solutions in Greyhound Canada’s absence.

Hub for mental health and addictions treatment opens at B.C. hospital

St. Paul’s Hospital HUB is an acute medical unit that includes 10 patient beds

Saanich Police investigate store robbery

Store video captures image of suspect

Restaurant Brands International to review policy over poaching employees

One of Canada’s largest fast-food company to review ‘no-poach’ franchise agreements

Calgary family’s vacation ends in tragedy on Texas highway

Three people died and four others were injured in the crash

Union construction cost competitive, B.C. Building Trades say

Non-union firms can bid on infrastructure, but employees have to join international unions

Trudeau to shuffle cabinet ahead of Liberals’ team for 2019

Trudeau could lighten the work loads of cabinet ministers who currently oversee more than one portfolio

Greater Victoria Crime Stoppers wanted list for the week of July 17

Greater Victoria Crime Stoppers is seeking the public’s help in locating the… Continue reading

Car calls 911 on possible impaired B.C. driver

A luxury car automatically calls Princeton police to scene of crash involving alcohol

Most Read