Court OKs new owner for Colwood Corners site

Still work to be done on deal, but city excited about possibilities

The long-stalled development that was to become Colwood’s Capital City Centre may soon have a new owner.

On Oct.9, the Supreme Court of B.C. approved an agreement that will see North American developer Onni Group begin to take control of the development.

“The transaction is a two-step process that is expected to close in December,” League Assets CEO John Parkinson said in an email.

Though Onni’s application was approved in court, there are still a number of steps that need to be taken, including a 30-day waiting period before the deal is finalized.

Onni Group submitted a bid of $17.5 million for the properties, which will be used to pay out two Colwood secured creditors, the priority claim of Peoples Trust and outstanding property taxes.

Onni will also provide an additional $8.9-million consideration, which will be given to unsecured creditors after adjustment for costs.

Though the consideration falls far short of completely paying off the unsecured debt, which amounts to nearly $135 million in claims, it’s at least a partial recovery that wasn’t expected with other offers on the properties.

Onni’s acquisition also means that the City of Colwood could expect to see some forward development of the site in the future, though the company has not released any specific plans at this time.

“It’s in a very prominent location, so any activity to bring it to completion would be welcomed, that’s for sure,” said Colwood Mayor Carol Hamilton.

acowan@goldstreamgazette.com

Just Posted

PHOTOS: Inside the opening of the expanded Westhills Stadium

The grand opening of the expanded stadium in Langford is on schedule for Aug. 24

Victoria’s Other Secret not so secret anymore

How six Mount Doug teachers turned a lunch jam into $11,000 raised for charity

Award-nominated Snotty Nose Rez Kids headline Indigifest 2019 coming to Victoria

Scheduled for Aug. 24, the event is a showcase of Indigenous musicians from around B.C.

Take your opportunity to sing at the Royal Theatre

Great Canadian Sing debuts Sept. 8 with inspirational music, talented performers, singalong format

Cycslists were all smiles during ninth Tour de Victoria

More than 2,100 cyclists participated

QUIZ: How much do you remember about Woodstock?

Weekend music festival in Bethel, New York, was held 50 years ago

Canada ‘disappointed’ terror suspect’s British citizenship revoked

Jack Letts, who was dubbed “Jihadi Jack” by the U.K. media, has been detained in a Kurdish prison for about two years

Chrystia Freeland condemns violence in Hong Kong, backs right to peaceful assembly

There have been months of protests in the semi-autonomous region

B.C. VIEWS: Log exports and my other errors so far in 2019

Plastic bags, legislature overspending turn out differently

‘It’s just the freedom:’ Paralyzed Broncos player pursuing life on the water

The former Humboldt Broncos goaltender, who started in the net when he was nine, was paralyzed last year

Canadians killed in Afghanistan honoured during emotional dedication ceremony

One-hundred-fifty-eight Canadian soldiers died during the mission

It’s snow joke: Up to 30 cm of snow expected to fall in northeastern B.C.

Alaska Highway, Fort Nelson to be hit with August snowstorm, according to Environment Canada

Sea-to-Sky Gondola in B.C. likely out of commission until 2020

Sea to Sky Gondola carries between 1,500 and 3,000 people every day during the summer season

Helicopter-riding dog Mr. Bentley now featured on cans of new B.C.-made beer

Partial proceeds from every pack go to Children’s Wish

Most Read