Developer maintained that the land was intended for non-profit purposes, and any sale will bring “irreparable commercial harm” to the company
Leading developer Concord Pacific is suing the Vancouver for the city’s attempt to sell a parcel of land that has been originally slated for a low-rise housing project.
The 601 Beach Cres. site, which Concord turned over to the city two decades ago, was put up for sale in May. It is situated right across the Vancouver House high-end development, The Globe and Mail reported.
Planning documents indicated that a building up to 425 feet high can be built on the land. The city government was accepting offers for the parcel until two weeks ago.
Concord maintained that the land was intended for charitable purposes, and any sale will bring “irreparable commercial harm” to the company.
“It was an expressed and/or implied undertaking of the city that the Concord Lands would not be used for development of high-rise market housing, a use that would compete with Concord’s own development plans for its other lands,” according to Concord’s lawsuit.
The suit included a request for an injunction of the sale. Furthermore, Concord proposed to buy back the site from the city government.
Vancouver administrators and Concord officials declined to comment on the issue.
“There are certain legal technical interpretations that need to be made to give certainty to the issues. We cannot comment further as the issues are being determined by the court,” Concord announced in a statement last week.
Related Stories:
Canadian building permits down by 5.5% in June
Developers concerned about impact of new tax on cooperative ventures
The 601 Beach Cres. site, which Concord turned over to the city two decades ago, was put up for sale in May. It is situated right across the Vancouver House high-end development, The Globe and Mail reported.
Planning documents indicated that a building up to 425 feet high can be built on the land. The city government was accepting offers for the parcel until two weeks ago.
Concord maintained that the land was intended for charitable purposes, and any sale will bring “irreparable commercial harm” to the company.
“It was an expressed and/or implied undertaking of the city that the Concord Lands would not be used for development of high-rise market housing, a use that would compete with Concord’s own development plans for its other lands,” according to Concord’s lawsuit.
The suit included a request for an injunction of the sale. Furthermore, Concord proposed to buy back the site from the city government.
Vancouver administrators and Concord officials declined to comment on the issue.
“There are certain legal technical interpretations that need to be made to give certainty to the issues. We cannot comment further as the issues are being determined by the court,” Concord announced in a statement last week.
Related Stories:
Canadian building permits down by 5.5% in June
Developers concerned about impact of new tax on cooperative ventures
