Set to be the tallest passive house structure in the world
The project was approved by the City of Vancouver in 2022. Now facing insolvency, according to filings in the Supreme Court of British Columbia. The 60-storey CURV was originally proposed to consist of 328 strata units, 50 market rental units, and 102 social housing units.
Earlier this year, the developers secured approval to cut the planned social housing units in exchange for a $55 million cash-in-lieu payment.
The receivership against CURV was initiated on Friday, July 11 by the Royal Bank of Canada (RBC) on behalf of a lender syndicate that also includes the Bank of Montreal (BMO) and Meridian Credit Union.
Under the loan agreement, the developers could extend the maturity date to July 31, 2025 if they paid an extension fee of $225,500 before April 30, 2025. The extension fee was not paid, the loan matured, and Brivia Group thus defaulted on the loan agreement.
CURV’s ambitious prices that resulted in only a small pool of potential buyers. Prices for one-bedroom units started at $1,000,000 and reportedly went as high as $60 million for the penthouse. CURV failed to hit its presale target.
Full Read:
- https://storeys.com/curv-vancouver-brivia-group-foreclosure/