Aquilini Group’s bid to buy stalled SOPA Square development in Kelowna accepted

No matching or betters offers made to top Aquilini's $29.5 million bid for the partially completed development.

It’s official – the Aquilini Group’s offer to buy the stalled SOPA Square development in Kelowna’s South Pandosy area has been accepted.

After a six-week wait to see if any other interested parties would match the $29.5 million Aquilini offered for partially built mixed-use commercial-residential development on Pandosy Street which is in receivership, the receiver handling disposal of the property issued a certificate allowing the Vancouver-based company to proceed with its purchase and informed the courts of the move.

The sale is expected to close by mid-February.

The troubled development has been beset with problems since it was first approved by the city in 2008. In addition to the original developer, which ran out of money trying to build the ambitious project, a second developer only managed to complete the two-storey commercial space fronting Pandosy.

An 11-storey residential tower was put on hold and has yet to be built on the property., as was a six-storey townhouse portion of the development.

The Aquilini Group, owners of the Vancouver Canucks hockey team also has another development planned for Kelowna, the residential high rise tower dubbed 24, slated for BernardAvenue.

 

That project was halted when the recession hit and has yet to be built.

 

 

Kelowna Capital News

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Lake Country Food Bank welcomes wheelbarrow load of donations

Rotary Club presents symbolic cheque for the $24,600 raised since August 2018

Vernon family shares story of son’s cancer recovery to encourage blood donation

Finlay Ritson’s parents can’t donate blood, but hope his story will encourage others to do so

WATCH: North Okanagan seniors stay fit in self-isolation

Residents have taken to their balconies to follow along in exercise class

‘An extra $220 every 90 days’: Kelowna woman worried over increased prescription dispensing fees

The Kelowna woman says it’s outrageous to charge for refills every 30 days

COVID-19: Online tool helps vulnerable people in North Okanagan receive aid

United Way’s tool connects those in need with pre-screened volunteers in the local area

‘Hold our line’: 29 new cases of COVID-19 announced in B.C.

Saturday’s number of new cases marks the lowest in weeks.

UPDATE: Coronavirus concerns prompt event cancellations across the Okanagan

This is a running list of events cancelled across the Okanagan

Visitor to Kamloops army club tests positive for COVID-19: Interior Health

The individual visited Anavets 290 Army and Navy Club between March 13 and March 17

Two inmates found positive for COVID-19 at federal prison in B.C.; other tests pending

15 staff self-isolating waiting results, refusal to work notice sent, says correctional officer

COVID-19: Staying home in Shuswap is difficult when you don’t have one

As the snow flies, people without homes in Salmon Arm talk about how tough life is

Critic, workers’ group ‘disappointed’ Trudeau chose Amazon to distribute PPE

Amazon Canada said in an email to The Canadian Press that it is working with Canada Post, Purolator

Vernon politician questions if response to COVID-19 worse than virus

Precautions make sense but destroying economy in process doesn’t, says Coun. Scott Anderson

‘Always look on the sunny side,’ Okanagan senior says

Heaton Place resident shares story of growing up in Roaring Twenties

92-year-old Vernon woman crochets 1,000 toques for donation

Daisy Ferguson has been working on the toque project for the past six years

Most Read