Waterfront development dispute: Supreme Court won't hear appeal over $1B Vancouver property
The Supreme Court of Canada has refused to hear an appeal from property developer Concord Pacific Acquisitions, ending a long-running legal dispute over the billion-dollar development of one of Vancouver's last parcels of waterfront land.
The feud began in 2015 when Concord argued Singapore-based billionaire Oei Hong Leong and his company, Canadian Metropolitan Properties, backed out of a deal to jointly develop the former Expo '86 Plaza of Nations site.
Oei and Concord boss Terry Hui had signed an initial agreement to turn the roughly five hectare parcel on the northeast shore of Vancouver's False Creek into a mixed-use community, complete with 30 storey skyscrapers, an ice rink, community centre and arts venue.
When talks collapsed seven years ago, Hui and Concord launched a civil suit, arguing the preliminary agreement with Oei was a binding contract.
The B.C. Supreme Court sided with Oei in 2019 and the B.C. Court of Appeal issued its majority ruling in January, with both courts finding the contract lacked enough “essential terms” to make it enforceable.
The decision from the Supreme Court of Canada means the lower court rulings will stand and, as is customary, the high court does not give reasons for its refusal to hear Concord's appeal.
Oei and Canadian Metropolitan Properties have pressed on with development plans for the Plaza of Nations lands, now called Expo Gardens, and the company confirmed the project has nearly completed the City of Vancouver's permitting process.
Oei has said he hopes construction can begin this year on the property he bought in 1990 for $40 million but now has an estimated value of $800 million.
“Now I can build something iconic for Vancouver and give something back to this city I love,” Oei said in a statement released after the B.C. Court of Appeal decision.
Concord, which still owns the land east of the Plaza of Nations at the northeast end of False Creek, is in the process of seeking permits to develop that site.
The B.C. appeal court decision was “disappointing,” the company said when the ruling was released in January, but added in a news release that, regardless of the outcome of its Supreme Court of Canada appeal application, it hoped development of the Plaza of Nations site would “soon proceed in the interests of the community at large.”
This report by The Canadian Press was first published Aug. 18, 2022.
CTVNews.ca Top Stories
Blockade briefly stops Pride Parade in downtown Winnipeg
A group of protesters briefly blocked the Winnipeg Pride Parade on Sunday.
'The legacy I want to leave:' Mother with Stage 4 cancer advocates for survivors
People around the world are observing National Cancer Survivor Day, an annual celebration held to honour patients who have been through the often difficult and traumatic experience of living with cancer.
Do this once a month and extend your life by up to 10 years. No gym required
Research shows that art experiences, whether as a maker or a beholder, transform our biology by rewiring our brains and triggering the release of neurochemicals, hormones and endorphins.
Ryan Reynolds has declared 'War of the Popcorn Buckets.' He's honestly onto something
Ryan Reynolds this week unveiled arguably the most anticipated and sure-to-be coveted merchandise tied to his upcoming 'Deadpool' sequel: the movie’s novelty popcorn bucket.
Bathroom break nearly derails $22 million project at city council meeting
A brief break during Wednesday's city council meeting in Saskatoon nearly cost the city dearly.
Motorcycle doing wheelies, weaving in, out of traffic caught on Highway 417
A motorcycle driver is facing charges after being caught on Highway 417 doing wheelies and weaving in and out of traffic, the Ontario Provincial Police (OPP) says.
Trump's attacks on U.S. justice system after his conviction could be used by autocrats, say experts
After his historic guilty verdict in his hush money case, Donald Trump attacked the U.S. criminal justice system, making unfounded claims of a "rigged" trial that echoed remarks from the Kremlin.
A CBSA strike could soon snarl border traffic. Here’s what you need to know
Just as the summer travel season gets into gear, Canadians and visitors could find themselves waiting in long lines at the border — delays that could also deal a blow to the economy.
Oilers expect Stars to push back in Game 6 of Western Conference final
With the chance to close to set a date with the Florida Panthers in the Stanley Cup final, Oilers coach Kris Knoblauch believes his team will have to step up their efforts even more. What was good enough Friday in Dallas won’t be good enough in Game 6.