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CALGARY The owner's representative and project manager for a financially troubled downtown highrise twin tower development says the multi million dollar initiative is seeking a joint venture partner or new owner so it can move forward,[url=http://www.pradahandbagsshoes@#$%&/]prada[/url].
On Friday, it was revealed that the insolvent company,[url=http://www.montrepas-cher.fr/]montre homme[/url], 3 Eau Claire Developments Inc.,[url=http://www.funsneakershop@#$%&/]@#$%& factory[/url], which owns the two connected downtown tower project,[url=http://www.nikeairmaxe.co.uk/]air max 1[/url], has filed notice of its intent to make a proposal to dozens of creditors who claim they're owed almost $38 million on the project that was to include residential condos and the new offices of Shaw Communications. six years ago for the ownership group,[url=http://www.poloralph-lauren-outlet@#$%&/]@#$%& polo[/url], which is primarily based in South Korea.
"We're presently in conversations with a couple of groups locally here who are interested in either coming into the project as a joint venture partner obviously 3 Eau Claire would take the lesser role or buying the project outright," said Starnes on Monday.
"It's going to continue for sure in one way or another,[url=http://www.reebokshoesoutlet.us@#$%&/]reebok skyscape[/url]."
The insolvent company, 3 Eau Claire Developments Inc.,[url=http://www.bottes-uggpascher.fr/]uggs[/url], filed the notice on April 11 under the Bankruptcy and Insolvency Act and has 30 days to file a proposal with the official receiver or within any further extension of that period that may be granted by the Court of Queen's Bench of Alberta,[url=http://www.canada--goose.co.uk/]@#$%&[/url], said Deloitte Restructuring Inc. in a letter to creditors. Deloitte is acting as official trustee under the proposal. All proceedings against the insolvent have been stayed.
Once a proposal has been filed, a meeting of creditors to consider the proposal will be held within 21 days, said Deloitte's letter.
"We've been meeting with people the last two weeks. Interested parties (in the project),[url=http://www.sacmichaelkors-pascher.fr/]michael kors[/url]," said Starnes.
"The project has 260 firm condo sales (of about 375 in total),[url=http://www.beats-bydrdre-headphones@#$%&/]beats by dr. dre[/url]. All monies are in trust at Parlee McLaws,[url=http://www.oakleyvaultsunglasses.us@#$%&/]cheap oakley sunglasses[/url]. There's no danger of people losing deposits,[url=http://www.insanityworkouts-calendar@#$%&/]insanity workout calendar[/url]."
The list of creditors, according to Deloitte's website, includes Toronto based ComputerShare Trust Co. of Canada ($20.6 million); Korean Exchange Bank ($8.5 million); Bosa Properties ($2 million) and a numbered Calgary company ($3.4 million). and 3rd Avenue near the Peace Bridge. The development was to include residential condo, office and retail use.
The project's architects, NORR Architects Planners,[url=http://www.asicso@#$%&/]asics gel nimbus[/url], are among the listed creditors, owed more than $284,[url=http://www.katespadeoutleta@#$%&/]kate spade outlet[/url],000,[url=http://www.karenmillen--dresses.co.uk/]karen millen dresses[/url], according to the Deloitte website.
Shaw,[url=http://www.ghd-hairstraighteners.co.uk/]ghd hair[/url], which secured naming rights, had planned to occupy 12 floors of office space. That plan is now dead.
Bruce McKenzie,[url=http://www.mulberryhandbags-outlet.co.uk/]mulberry bags[/url], vice president of operations for NORR in Calgary,[url=http://www.louboutin-outlet.us/]red bottom shoes for women[/url], said 3 Eau Claire is like many other projects the city's seen in the past where they get into financial problems.
"Then they resurrect themselves a couple of years later . . . I mean this stuff happens. Owners are under capitalized and bankers like their money. So they put the squeeze on people after awhile," he said.
He said he's hopeful the project will eventually move forward in some shape or form.
"I don't know if it will be the same project. It's a great site. So that's the whole thing. Somebody will get it. Somebody will buy it,[url=http://www.borse-louisvuitton.it/]louis @#$%&[/url]," said McKenzie. "Thankfully they didn't start digging the hole."
He said the company has been working on the project since 2008.
"We were paid quite a bit of money by these people . . . When we first started,[url=http://www.p90x-workout.org/]p90x2[/url], they paid us quite a bit of money. The couple of hundred thousand that they owe us is actually a fraction of what they paid us," said McKenzie.
"Very disappointing,[url=http://www.cheapnfljersey-outlet@#$%&/]jerseys[/url]. It's tough when you put that much effort into something and then see it shut down,[url=http://www.lululemon-outlet.us@#$%&/]lululemon@#$%&[/url]. Harder on my staff who put their heart and soul into it."
The City of Calgary said a development permit was approved for the site in 2012,[url=http://www.chi-flatiron-hairstraighteners@#$%&/]chi flat iron[/url].
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