Evelyn in West Vancouver is Back in Action Thanks to the Onni Group!
The Ups and Downs of Evelyn in West Vancouver
After years and years of uncertainty at Evelyn in West Vancouver the Onni Group is set to start pre-selling this development again before the end of the year!
Evelyn has been in the news for a number of different reasons over the last few years including Millennium Development going into receivership on this property, West Vancouver Police finding a small Grow Op in a shed on the undeveloped property, to the Onni Group purchasing this development and finally give West Vancouver residents what they have been waiting for!
Let’s take a look down memory lane!
November 5, 2008
Millennium Developments halts Evelyn Drive project
"Construction on the largest new housing project in West Vancouver has halted, but work is scheduled to resume again in 2009.
Millennium Development Corporation started construction on the eight-hectare Evelyn Drive project, with demolition, site clearing and preparation work being undertaken, as well as the servicing of some sites.
However, work on the project came to a halt in mid-October and construction of a new sales/presentation centre was not completed.
A city planner in West Vancouver said the work stoppage has nothing to do with the current economic crunch.”
This was at the same time Millennium was also developing the $1 billion Olympic athletes village project in Vancouver.
It recently had to seek out its lender for a contingency reserve to cover a $65-million cost overruns on project, after the company injected $25 million of its own cash.
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November 26, 2010
Millennium in more hot water over $75 million owed on West Van development
“One week after representatives insisted the Evelyn development in West Vancouver was on track, financial backers of the project have filed a lawsuit against the project’s Millennium developers, saying they haven’t been making payments on their loans of more than $75 million.”
“The decision of the backers to foreclose on the Evelyn development comes just one week after the City of Vancouver forced Millennium into receivership in order to recoup its $740 million loan to the developers for the Olympic Village in False Creek”
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March 15, 2011
Court Decision on Evelyn Drive Unsealed
“The District of West Vancouver has learned, through a B.C. Supreme Court decision, that the Evelyn Drive project will be going into receivership. In 2007, West Vancouver’s Council approved a site master plan based on extensive community consultation.
"The community and our staff have invested more than seven years to ensure the Evelyn Drive development met the community’s standards and would be of benefit to West Vancouver," says Pamela Goldsmith-Jones, West Vancouver Mayor. "We wish to see the project come to fruition." The development has the appropriate zoning.”
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August 8, 2011
Police uncover grow-op on defunct Evelyn development
Criminals appear to have found a use for the as-yet-undeveloped Evelyn Drive property in West Vancouver: growing marijuana.
A West Vancouver police officer caught a whiff of the illegal plants while investigating a nearby traffic collision July 30. Two other officers arrived with a police dog to help with the search. The investigators found 10 plants growing in containers and hidden behind some trees on an undeveloped lot.
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September 7, 2011
West Van’sEvelyndevelopment revived
“West Vancouver’s troubled Evelyn development has a new lease on life. The 20-acre, 349-unit project, which has sat idle for nearly two years after its parent company, Millennium Development, defaulted on a $72-million mortgage, has been acquired by the Onni Group with the deal expected to close this week. Onni said that means the $400-million project, whose default was linked to Millennium’s involvement with the Olympic Village project, will see presales likely begin this fall, probably in the $700,000-to-$1.7-million range for multi-family residences.”
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Needless to say I am more than excited to visit the now Onni Group presentation center on Tuesday November 8th for the Evelyn Realtor-Only Unveiling!
If you have any questions about this long awaited development or would like more information about the early purchase opportunities made available for realtors express your interest as soon as possible!
Looking forward to hearing for you.
Warm Regards,
Morgan DuVernet
604-209-1230
www.MorganDuVernetRealEstate.com