The Modus project in Vancouver, developed by Centred Developments, is only 43% complete but has run into financial trouble, leading to receivership. It is located in Vancouver’s Marpole neighbourhood at 1488 Park Dr.
This project, comprising 17 townhouses, faced cost overruns and insolvency issues, triggering legal action by First Commercial Bank in mid-February. Despite attempts by the developer to secure financing, including a potential investment of $2 million to restart construction, receivership was granted on May 6.
The court-appointed receiver will now oversee the project’s fate, which could involve either selling off mortgaged assets or allowing construction to continue under their management. The outcome will hinge on the receiver’s initial report, which will provide clarity on the project’s future direction.
