A significant development project in North Vancouver, located at 2050-2070 Marine Drive and 2000 Curling Road, is facing foreclosure due to substantial debt. The project, once set to include a 27-storey tower and two additional buildings with 330 residential units, was being developed by Marvel Group. Rezoning for the project was approved in September 2022 and a development permit application was submitted in February. Atrium Mortgage Investment Corporation has initiated foreclosure proceedings against Marvel Developments (Lions Gate Village) Ltd., along with two guarantors of the loan, citing a defaulted agreement totaling over $46 million.

The property, comprising former hotel and diner sites, is assessed at over $55 million. CBRE has been retained to sell the property, consisting of four parcels. You can view more details about the listing here.