Whatever happened to the basement suite? Those were the days. Just a few weeks after the Quattro fire (by the way, it’s worth taking a look at some of the comments on that post), Surrey largest development, Infinity at Central City, is now seeking bankruptcy protection.
The developer of the five-tower Infinity project in North Surrey has filed for bankruptcy protection as a result of the collapse of one of its chief financiers, Lehman Brothers.
Lehman Brothers filed for bankruptcy Sept. 15 after the U.S. Treasury Department refused to bail the company out in the wake of the global credit market meltdown.
Wednesday’s announcement by the Jung Group, the developer of Infinity, has thrown the future of two highrises â€“ which are part of the second phase currently under construction â€“ into question. [Surrey Leader]
Apparently those who have bought into the projects, put down deposits etc., are safe and everyone is optimistic that these will be completed. However, if you’ve taken a look at the Downtown Surrey plan you’ll notice a dozen more developments in the same general vicinity (with 40 new developments planned in total for the central Surrey area).
According to the Surrey Leader article, “South Korean businessman Hee Yong Yang, director of Jung Group, is also the developer of the Sky Towers, 36-storey and 40-storey highrises â€“ the tallest between Calgary and Vancouver â€“ that are to be built across the street from Infinity, near King George Highway and Old Yale Road.”
All involved with the Ininifty project however, are looking up and have faith that new financing will be found. Even Surrey’s Mayor, Dianne Watts, blames “Wall Street and the market.” I’m just waiting for the anti-Surrey remarks to start pouring in but given the fact that even Inifnity sold out in mere hours (same with Quattro) I don’t think that the livability of the area is even in question.