The large-scale Burnaby Lake Village mixed-use project has exited creditor protection following the settlement of a dispute between its previous two joint-venture partners.

According to court documents, local developer Peterson Group bought Create Properties out of its 49% stake in the project for an undisclosed price.

Peterson now holds a 100% interest in the 19-acre site known as the former Saputo lands. The company also refinanced debt through lenders who had pushed the project into receivership.

The lenders and Peterson signed a two-year credit agreement that includes a $207-million land-loan facility, a $19-million
pre-development loan vehicle and a letter-of- credit-facility in the amount of $13 million.

Located at 6800 Lougheed Highway, the project is slated to contain up to 14 mixed-use towers.

Peterson remained committed to completing the project as the dispute-resolution and creditor-protection processes unfolded.

The site previously housed a milk-processing plant owned and operated by Montreal-based Saputo. The plant was known as Dairyland under previous ownership and is, arguably, more recognizable by that name, which remains a popular milk brand.

Peterson, a leading real estate investment, development and property management firm, entered the joint-venture in 2018 with the goal of transforming the site into a master-planned community featuring 4,800 homes, along with retail and other commercial spaces. Master-plan rezoning was secured in 2024, and site-specific rezonings were underway when the project entered creditor protection near the end of the year.

According to court-appointed monitor Deloitte Restructuring, Peterson and Create bought the property in 2019 for $209 million. According to B.C. Assessment, the property was worth a total of $196.9 million in 2023.

Pictured: Future redevelopment of the former Saputo lands in Burnaby, B.C.