SOPA Square deal closes

Photo: Contributed

The SOPA Square development has new owners and new hope, as a finalized deal was announced Wednesday afternoon.

At the end of January, a $29.5-million bid by Vancouver’s Aquilini Group to purchase the stalled development received the final go-ahead.

Marshall McAnerney with commercial realtors Colliers International says that deal closed today.

“I am excited that a very sound financial group will be able to get this thing moving and completed,” says McAnerney, who feels the news will help the Pandosy area become much like Vancouver's Kitsilano.

“I am huge fan of neighbourhood. I bought a home there recently, and I think it is going to make the South Pandosy village a real hot area. I think it is real positive for Kelowna.”  

The project has faced delay after delay, eventually falling into receivership late last year.

The Aquilini bid was accepted Dec. 5, triggering a six-week waiting period during which other prospective developers had the opportunity to outbid the owners of the Vancouver Canucks.

SOPA, originally approved by the city in 2008, has been infamously plagued with financial problems since day one.

The project initially stalled after the original developer ran out of money. A second developer from Alberta took over the project, but was also unable to fund it to completion. So far, only two floors of the 11-storey project have been completed.

It is expected the Aquilini Group will open a showroom in the next few months to put the units up for sale. Once a majority of the units are pre-sold, construction will begin.

It is rumoured the units will be priced aggressively to help them sell out right away and allow construction to begin as soon as possible.  

— With files from Jon Manchester