Courts to rule on SOPA Square

Photo: Ragnar Haagen - Castanet File Photo

The future of the much delayed SOPA Square development in the South Pandosy town centre may finally become clear this week.

Marshall McAnerney with Colliers International, says a judge will hear submissions Thursday on a proposal by the Vancouver based Aquillini Group to purchase the stalled development.

The purchase price, according to documents filed in BC Supreme Court through the receiver, Ernst Young, is $29.5M.

The bid was put forth using something called a stalking horse bid.

"They (court) are either going to proceed with the stalking horse bid and give that a six week process and give people the opportunity to bid more than $29M... there is a whole process set out for how the bidding would work after a six week period," says McAnerney.

"If there isn't a successful bidder, then the Aquilini's would be the owners of the property."

The SOPA Square project was originally given city approval back in 2008.

It was to have been a mix of commercial, office and residential space, but financial problems have halted the project numerous times.

The original developer ran out of money, as did a second company based out of Alberta.

That company would stand to lose about $1.3M if the Aquilini bid goes through.

To date, the ground floor commercial and second floor office space have been constructed.

The residential space above has not yet been built.