The long-stalled development that was to become ColwoodB次元官网网址檚 Capital City Centre may soon have a new owner.

On Oct.9, the Supreme Court of B.C. approved an agreement that will see North American developer Onni Group begin to take control of the development.

B次元官网网址淭he transaction is a two-step process that is expected to close in December,B次元官网网址� League Assets CEO John Parkinson said in an email.

Though OnniB次元官网网址檚 application was approved in court, there are still a number of steps that need to be taken, including a 30-day waiting period before the deal is finalized.

Onni Group submitted a bid of $17.5 million for the properties, which will be used to pay out two Colwood secured creditors, the priority claim of Peoples Trust and outstanding property taxes.

Onni will also provide an additional $8.9-million consideration, which will be given to unsecured creditors after adjustment for costs.

Though the consideration falls far short of completely paying off the unsecured debt, which amounts to nearly $135 million in claims, itB次元官网网址檚 at least a partial recovery that wasnB次元官网网址檛 expected with other offers on the properties.

OnniB次元官网网址檚 acquisition also means that the City of Colwood could expect to see some forward development of the site in the future, though the company has not released any specific plans at this time.

B次元官网网址淚tB次元官网网址檚 in a very prominent location, so any activity to bring it to completion would be welcomed, thatB次元官网网址檚 for sure,B次元官网网址� said Colwood Mayor Carol Hamilton.

acowan@goldstreamgazette.com