Developer Polygon Homes, Telus in court over Burnaby project

The building site at 7000 Lougheed Highway in Burnaby, B.C., is central to a legal dispute between Telus and Polygon Homes.In September, 2017, Vancouver-based developer Polygon Homes Ltd. inked a $175.5-million deal for a 14-acre property in Burnaby with Telus Communications Inc., the site marketed as transit-oriented in a “booming” area nestled between two town centre malls along a coveted commuter-friendly SkyTrain route.

With the imposition of this new requirement and the absence of an agreed plan to clean up the site, Polygon decided to pull out of its deal with Telus. It now wants Telus to return its $5-million deposit. “Since the [Purchase and Sale Agreement] was executed, the real estate market in the Lower Mainland declined and the purchaser and Polygon Homes formed the view that the property was now worth much less than the purchase price and, as a result, their planned development would no longer be profitable [or would be less profitable],” Telus’ lawsuit states.

Polygon claims it made"reasonable efforts in good faith" to change the deal given the city's feedback,"but no agreement was reached.""I don't think there's anything I can really tell you," he said."I'm really sorry." Telus' lawyer, Hein Poulus with Harris & Co., did not return the Globe's request for comment, nor did company representatives. Calls to the City of Burnaby for comment were not returned.

Canada Latest News, Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Smoke shrouds Sydney’s skyline as wildfires burn nearbyFire has destroyed 577 homes in New South Wales this wildfire season Dear Sydney, there’s an urgent message for you: Summer down under
Source: globeandmail - 🏆 5. / 92 Read more »

HuffPost is now a part of Verizon Media
Source: HuffPostCanada - 🏆 61. / 53 Read more »

Workers, contractors gather at B.C. legislature to protest 'unfair' dealsOpposition Liberal Leader Andrew Wilkinson says the government’s Community Benefits Agreements discriminate against workers who are not members of unions with deals to build major public projects.…
Source: VancouverSun - 🏆 49. / 61 Read more »

Boeing pitches guarantee of billions of work in Canada if Super Hornet is pickedThis comes as the NDP and aerospace unions are becoming more vocal that Canada’s fighter jet replacement project must pay major economic dividends So basically trying to buy the bid and make trudeau look good cause he will subsidies a bunch of it. Seems like sneaky politics to me Are they selling us an aircraft carrier too? Well hey; lets BUY these planes for billions of $. It's not like we need clean drinking water, Affordable housing, transit and healthcare upgrades. Household debt and stress are at an all time low right?
Source: nationalpost - 🏆 10. / 80 Read more »

Cancer drug shortage should end sooner than expected: Health CanadaA national shortage of Tamoxifen, a common breast cancer drug, is expected to end in December, a month earlier than first projected, Health Canada said Monday. FireJessAllen FireJessieAllen TheSocialCTV Be careful with that medicine, they put my daughter on that shit for 10 year,when we found out should of only be 5 year's. And sadly to say my daughter passed away because of that stuff,so make sure how long you should take it
Source: CTVNews - 🏆 1. / 99 Read more »