Goodman Commercial Team Sidesteps Curveballs to Broker Sale of Siena Mixed-Use Condo Project

In February 2025, the Supreme Court of B.C., appointed Deloitte Restructuring as receiver of the stalled Siena mixed-use condominium-development project located in Burnaby, B.C.

Situated in the prominent Heights residential and retail node in north Burnaby, the five-storey project was partially built when lender Desjardins pushed its developer I4 Property Group into receivership.  At that point, the project essentially comprised a large hole in the ground with its shoring and excavation efforts, along with its parking structure, already completed and the risk of contamination prevalent due to rainwater pooling and other factors.

About two months later, Deloitte appointed Goodman Commercial to co-ordinate the property listing on behalf of the receiver and the court. Desjardins approved the decision, which was endorsed by the court.

Goodman Commercial was chosen after Deloitte considered five local brokerage offices for the list assignment.

Deloitte chose Vancouver-based Goodman based on its recent experience with multi-use development properties, its transactions undertaken in the Vancouver area, its assessment of the property’s value, its knowledge of potential buyers and its commission rate.

According to Goodman Commercial Founder Mark Goodman, the dangerous development site was like a “minefield” and the company faced one “curveball” after another en route to brokering the property’s sale. The listing was complicated because, according to Deloitte, 27 residential units and all six commercial condos were under presale contracts.

In usual court-sale assignments, construction has not yet begun or projects are fully built, said Goodman.

After 28 potential buyers signed confidentiality agreements, three made formal bids. Landa Developments, who had been introduced to Goodman Commercial by Desjardins, submitted the highest bid and acquired Siena for $12 million after it had been listed for $16 million.

The transaction comprised a share sale and reverse vesting order whereby a Landa subsidiary paid a nominal $1 fee for I4’s stock with the balance of the $12 million used to buy related assets. The reverse vesting order spared Landa from paying a $480,000 provincial property-transfer taxed and kept all of the municipal approvals in place, said Deloitte.

According to Goodman Commercial, the previous presale contracts were rescinded and the potential buyers received their deposits back through insurance.

Landa redesigned the project, construction has resumed in full and the company is preselling the residential and retail condo units. According to Goodman Commercial, the project has generated considerable interest from potential buyers.

These are some of the reasons why the Goodman Commercial team of broker Megan Johal, who co-ordinated the listing, and principals Mark Goodman and Ian Brackett were honoured with a Canadian Transactions of the Year Award for brokering the sale of the Siena project in Burnaby, B.C., as part of a court-monitored sale. The awards highlight deals and closings impacting Canada’s commercial real estate sector.