Nearly two years after the project first became subject to foreclosure proceedings, the Davie & Nicola project in the West End of Vancouver has been sold to a new developer, according to filings in the Supreme Court of British Columbia obtained by STOREYS.
The Davie & Nicola project was being developed by Align Properties — known as Vivagrand Developments before later rebranding — and was set for 1485 Davie Street, about three blocks away from English Bay Beach and Sunset Beach.
For the site, Align Properties was planning a 21-storey tower with 128 strata units and 51 social housing units. The rezoning application was submitted in 2017 and the development permit application was approved in October 2018, according to a City report discussing the City's acquisition of the social housing units, but the project never reached the construction stage.
BC Assessment values the property at $39,605,000 in an assessment dated to July 1, 2024, and the property remains occupied by a 51-unit apartment building. The property was beneficially owned by Align Properties through VK (Westend) Investment Limited Partnership under 1034907 BC Ltd.
The Foreclosure
Foreclosure proceedings against the project were initiated by Bancorp Financial Services Inc. in September 2023 pertaining to a mortgage agreement the two sides entered into in August 2021 for the principal amount of $32,000,000. Serving as the guarantor of the mortgage was Align BC Properties Corp., King One Development Corp. Ltd., as well as individuals named Zhong Liang, Xue Fang Tan, and Xue Fen Tan, all of whom were listed as respondents in the proceedings.
According to Bancorp, Align Properties failed to make timely payments and defaulted on the mortgage agreement, with the lender issuing a formal demand for payment on March 6, 2023. The two sides then reached a forbearance agreement the next month that expired on September 30, 2023. However, the developer breached the forbearance agreement before that date by failing to pay their property taxes, and Bancorp initiated the foreclosure.
On February 4, 2024, the Supreme Court granted an order nisi of foreclosure that confirmed the outstanding debt at $37,422,937.42, with interest accruing at a daily rate of $16,555.53. The 1485 Davie Street property was subsequently listed for sale, as first reported by STOREYS, by Michael Buchan, Carey Buntain, Chris Wieser, Kevin Murray, Mitchell Knoepfel, and Megan Low of Avison Young with an asking price of $42,000,000.
The 1485 Davie Street property in Vancouver. / Avison Young
The property has remained on the market for over a year and a sale approval application dated July 4, 2025 detailed the difficulties selling the property. According to the application, a total of eight offers were received that ranged from $21,500,000 to $39,500,000. Four of the eight were accepted between September 21, 2023 and April 7, 2025, but the first three collapsed.
The most recent offer was made by Vancouver-based OpenForm Properties, the real estate arm of OpenRoad Auto Group, for $38,500,000 on April 7, and it was approved by the Supreme Court on July 17.
As part of the transaction, OpenForm Properties — making the purchase through 1485 Davie Street Nominee Ltd. — secured a first mortgage for the amount of $30,000,000, converted $7,500,000 of the existing debt — over $46,000,000 now — into limited partnership units for Bancorp, paid the remaining $1,000,000 to Bancorp, and paid the $1,843,000 in property transfer tax. The application notes that OpenForm will now fund the ongoing costs to obtain rezoning and development entitlements for the project, indicating they plan to revise it.
Align Properties
The sale of the Davie & Nicola project is the fourth project by Align Properties — the North American arm of Chinese real estate developer Xiangli Group — to face foreclosure and be sold.
The first property to be sold was 1555 Robson Street, also in the West End. For the site, Align Properties was planning a 28-storey tower, but the project became subject to foreclosure proceedings and was sold to GWL Realty Advisors for $58,000,000 last spring, as first reported by STOREYS. GWL Realty Advisors had previously acquired the adjacent property and is now planning twin rental towers at 1525-1555 Robson Street.
A rendering of the 21-storey Davie & Nicola project that was planned for 1485 Davie Street. / WT Leung Architects
The second property to be sold was 5812-5888 Cambie Street, directly east of Oakridge Park. For the site, Align Properties was planning a 33-storey strata tower and a 12-storey office tower, but the project became subject to foreclosure and was sold to Northchild Group for $53,000,000 last summer.
The third property to be sold was 5589-5661 Baillie Street, about one block northwest from Oakridge Park. For the site, Align Properties was planning two six-storey rental buildings but the project became subject to foreclosure proceedings and was sold to Amber Financial, the foreclosing lender, for $17,000,000 earlier this year, as first reported by STOREYS.
With the Davie & Nicola transaction, all four projects by Align Properties have now sold. The company's corporate website is also now offline, suggesting the company may no longer be operational.
