The sale of the Garibaldi At Squamish ski resort, previously under receivership, has been approved after a delay caused by the BC province’s objection. The project, led by Aquilini Development and Northland Properties, aims to develop 6,800 acres near Squamish. Following a stalking horse bid of $80.41 million by creditors in January, the approval process faced a setback when the province intervened. The project’s insolvency stemmed from lenders demanding repayment of nearly $65 million in August 2023. Despite objections to the sale’s structure, a judge approved the transaction on May 3, with a $20M reduction in the bid. The sale involves a “reverse vesting order,” allowing the transfer of assets while safeguarding permits and contracts.

While progress on the site has been limited, a comprehensive master plan has been drafted, emphasizing collaboration with the Squamish Nation. The purchasers have committed to meeting construction pre-conditions, including an investment of $5.5 million within the next 12 months. The project’s vision spans 30 years, aiming to create a world-class, all-season resort.