Haro-Thurlow Street Project LP et al., Receivership

Haro-Thurlow Street Project LP et al., a consortium which owns a major development property intended for a 55-storey tower in downtown Vancouver, was placed into receivership on January 11 on application by BMO, owed over $82.7 million.

In July 2022, Vancouver City Council approved the development, but the project has not moved forward because of issues with the limits on its size due to Vancouver’s policy on restricting mountain views. In addition, certain members of the consortium are involved in a lawsuit over a $25 million loan provided to another member of the group, and one of the limited partners refuses to participate in any proposed refinancing.

Deloitte was appointed receiver.

Counsel is Fasken for BMO; Blakes for the receiver; Turner & Co. for Haro-Thurlow Street Project Limited Partnership et al.; BHL Vancouver for Forseed Haro Holdings; Burns Fitzpatrick for Wei Dong, Wei Zou and Xia Yu; DLA Piper for Terrapoint Developments; and McMillan for Treasure Bay HK.

By: Dina Milivojevic