KELOWNA – The courts have approved a bid by a high profile Vancouver company to purchase a bankrupt development project in Kelowna.
The Aquilini Investment Group, owners of the Vancouver Canucks, will pay $29.5 million for the partially completed Sopa Square project.
It went into receivership under a sea of debt that now totals almost $40 million.
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The deal to buy is expected to close in mid-February.
The purchase price provides enough money to pay off almost all of what’s owed to the major lenders to the project.
But many local contractors, suppliers and initial investors will lose the more than $5.5 million they are owed.
Some of the commercial space at Sopa Square is occupied but much remains vacant.
A Canadian Brewhouse sports pub will become an anchor tenant.
The initial plan was to also build 100 condominiums and town houses on the Pandosy Street site.
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