Greenbrians Condominium Properties Ltd.
will sell all its properties in the North Vancouver district, including several in the Greenbrian Lakes area, to an investment group, the company said in a news release on Thursday.
The company’s new owner, a group called the Greenbow Group, said in an email that the condominium properties will be auctioned in the spring.
The property will be sold at a “fair market value” of $4.8 million, the statement said.
The Greenbow group said the property will go up for auction in the fall.
The Condominium Owners Association of British Columbia, which has been involved in the sale, has said the land has been vacant since the 1970s and was bought by the developer in 2008.
The condo development has been in limbo since the Greenbelt Corporation, a BC government-controlled corporation, purchased it in 2007.
The group said it has had no prior contact with the government.
A new owner will “invest in the development and bring it to completion as soon as possible.”
The Greenbelt group is seeking approval from the BC government to develop the Greenbear Condominium complex on land that the corporation bought in 2008, the BC Greenbelt Association said.
Greenbrien has been a popular destination for visitors for the past three decades, according to the condor association.
About 250 condominium units are expected to be built there.
The condominium developments are slated to open later this year.