Article author:
The Canadian Press
OTTAWA — Canada's Supreme Court has rejected an appeal from real estate developer Concord Pacific Acquisitions, blocking the multi-billion dollar development of one of Vancouver's last waterfront parcels. We have put an end to a long-running legal dispute.
This feud began in his 2015, when Concorde announced that Singapore-based billionaire Oei Hong Leong and his company, Canadian Metropolitan Properties, had acquired the former Plaza of Nations at the 1986 World Expo. It claimed that it had withdrawn its contract to jointly develop the site.
Oei and Concord's boss, her girlfriend Terry Hui, is planning a plot of about 5 hectares on the northeast shore of False Creek in Vancouver with his 30-story skyscraper, ice skating rink and community. signed the first agreement to transform it into a fully equipped mixed-use community. center and art venue.
When negotiations fell apart seven years ago, Hui and Concord filed a civil suit, claiming that the preliminary agreement with Oei was a binding contract.
The BC Supreme Court upheld his Oei in 2019, and the B.C. Court of Appeals ruled in his January majority, and both courts ruled that the contract was not enforceable. We decided that we lacked enough "must-haves" to make it work.
The Supreme Court of Canada's decision means that the lower court's decision is valid, and as is customary, the High Court does not give reasons for denying Concord's appeal.
Oei and Canadian Metropolitan Properties are pushing ahead with development plans for the Plaza of Nations land now called Expo Gardens, and the company confirms the project has nearly completed the City of Vancouver permitting process. did.
Oei says he hopes construction will begin this year on the property he bought for $40 million in 1990, but the current estimated value is He's $800 million.
"Now I can build something iconic of Vancouver and give something back to this city that I love," he said in Oei, BC.
Concord still owns the land east of the Plaza of Nations at the northeast end of False Creek and is seeking permission to develop the site.
BC The company said the Court of Appeals decision was "disappointing" when the decision was released in January, but the Plaza The development of the Of Nations site will "immediately proceed for the benefit of the entire community."
This report by The Canadian Press was first published on August 18, 2022. .
