The Onni Group has finalized the purchase of the Capital City Centre development.
The Vancouver-based company specializing in mixed-use residential properties, including recent developments in Port Moody and North Vancouver, is expected to propose a development application in 2015.
"(Colwood is) looking forward to the re-energizing of the development project at Colwood Corners by the Onni Group,” said Colwood mayor Carol Hamilton. “This project lies within our town centre and will play a significant part in driving economic development in Colwood.”
City spokesperson Sandra Russell said Onni recently paid off property taxes totaling $713,183 for the high-traffic site on Sooke Rd. Opposite Goldstream Ave and was once owned by League Financial Partners. Their failed plans included nearly 14 acres of residential and commercial development over multiple phases over 15 years.
Despite League Financial Group breaking ground in 2011, work stopped in July of 2013 when owners filed for creditor protection paving the way for Onni to take ownership in December of 2014.