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
Asking rent prices up 9.3% across Canada, Ontario sees only decline: report
A new report says the average asking rent for a home in Canada in April was up 9.3 per cent compared with a year ago, while a slight month-over-month increase was also recorded for the first time since January.
What is basic income, and how would it impact me?
Parliamentarians are considering a pair of bills aiming to lift people out of poverty through a basic income program, but some fear these types of systems could result in more taxes for Canadians who are already financially struggling.
'I may have some nightmares:' Man survives being bitten by 2 sharks in Bahamas
A man who was bitten by two sharks in the Bahamas said Thursday he's 'thankful that I'm here' while sharing his story of survival.
Magnitude 4.2 earthquake reported off Vancouver Island's west coast
A 4.2-magnitude earthquake was recorded west of Vancouver Island early Friday morning.
Mexico's president accuses press and volunteer searchers for missing people of 'necrophilia'
The administration of Mexico's president has accused the press and volunteer searchers who look for the bodies of missing people of 'necrophilia,' comments that drew criticism this week.
WATCH Expecting an interest rate cut in June? Don't bet on it after new jobs data
Canada's labour market rebounded in April, adding more than 90,000 jobs, a staggering number of new positions after four consecutive months of little change.
Out-of-control wildfire burning near Fort McMurray
As of 9 a.m. on Friday, the wildfire burning 28 kilometres southwest of the northeastern Alberta city was 25 hectares in size.
Prince William says wife Kate is 'doing well'
Prince William said on Friday his wife Kate was 'doing well' in a rare public comment about the Princess of Wales as she undergoes preventative chemotherapy for cancer.
'Irate male' assaulted Newfoundland officers with block of cheese, police say
Police in Newfoundland say patrol officers were assaulted Thursday by a "very irate male" wielding a block of cheese.