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A major Vancouver multi-residential project has been placed in receivership.

Major Vancouver Multi-Res Project Goes into Receivership

A major Vancouver multi-residential development project has been placed in receivership.

Known as the Harlow project, the development is situated at 1045 Haro Street in the city’s West End. The project is slated to include a 55-storey condo tower and 14-storey rental-apartment building.

The Bank of Montreal petitioned the property into receivership due to an unpaid mortgage. The site is owned by a 14-member consortium headed by Harlow Holdings.

B.C. Supreme Court Justice Shelley Fitzpatrick has issued a court order that authorizes receiver Deloitte Restructuring to market all or part of the property for sale after February 24.

Deloitte may sell, convey, transfer, lease or assign all or part of the property after April 27. Court approval is required on transactions exceeding $200,000.

The ownership group owes the Bank of Montreal $82.7 million plus interest until the final judgment date, according to the court order.

Vancouver’s former city council approved the development in 2022. But construction has stalled while the ownership group disputes the condo tower’s height restriction, the Globe and Mail reported.

City administrators have refused to endorse the development on grounds that it exceeds view cone limits. Vancouver’s view cone policy restricts certain building heights so that they do not obstruct North Mountain views.

The consortium acquired the property in 2018 for $165 million, according to multiple reports. B.C. Assessment lists the site’s latest value as $98 million.

Photo: Patkau Architects

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About Monte Stewart

Monte Stewart serves as Content Director - Canada for Connect Commercial Real Estate. Based in Vancouver, British Columbia, Monte provides daily news coverage of major Canadian commercial real estate markets, including Vancouver, Toronto, Montreal and Calgary. He has written about the real estate sector for various media outlets and Avison Young since the early 2000s. In addition, he has covered sports, general news and business for several leading wire services and publications, including The Canadian Press, The Associated Press, The Calgary Herald, The Globe and Mail, Research Money, The Daily Oil Bulletin, Natural Gas World and The Toronto Star. Monte is active in his community as a youth basketball coach and raises funds for such charitable causes as Movember.

  • ◦Lease
  • ◦Sale/Acquisition
  • ◦Development
  • ◦Financing
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