The Davie & Nicola condo project in Vancouver’s West End faces foreclosure, halting its development. Align Properties, formerly Vivagrand Developments and North American arm of Chinese real estate developer Xiangli Group, has also faced separate foreclosure proceedings recently.

Bancorp Financial Services initiated foreclosure against Align Properties due to default on a $32M loan, with total debt now over $37M. The property, valued at $41.65M by BCAssessment, is listed for sale at $42M. The 25,941 sq. ft site located at 1485 Davie Street is zoned for high-rise residential development. Davie & Nicola was originally planned as a 21-storey tower with 128 condos and 51 social housing units.