Wilmington Capital has sold the Bow City Lands in southeast Calgary for about $9.1 million after scrapping its Seton multi-use development project, the company announced.

Calgary-based Wilmington said it has completed a previously announced deal that called for the Bow City 2 Limited Partnership to purchase the lands for about $6.2 million plus all payments, outlays and expenses incurred by Bow City Seton in connection with the development and construction of the Seton project, plus applicable taxes.

Bow City 2 LP comprises Rosebridge Capital, 730295 Alberta Ltd., and other unidentified arm’s-length parties. The Bow City Lands consist of a 2.21-acre parcel and a 1.18-acre parcel.

Wilmington announced in July that the company had agreed to sell the lands to the joint-venture and was scrapping the Seton project. Some Wilmington board members declared a conflict with the project. With those members abstaining from voting, the board decided that the project was no longer consistent with the company’s go-forward plan.

Wilmington had planned to construct a 92,000-square-foot self-storage facility and retail complex and a 17-bay car condominium on the development site.

The City of Calgary has approved development and building permits for the Seton project.

On August 9, Wilmington sold its 19.7% stake in Bow City Storage for $3.9 million, the company announced on its website.

Photo: Bow Valley Self-Storage