New Future grounded
Uncertainty once again surrounds the future of the controversial Kutenai Landing project.
New Future Group, which is the developer for the project slated for the site near Chahko Mika Mall, is no longer in control of the project.
“I’m not sure, all that we know is that the mortgage company has taken it over so clearly the developer has lost control of the site,” said Mayor John Dooley.
The project stumbled through a series of delays due to financial problems in 2009 and 2010.
Kutenai Landing was incorporated as a “central component” for the residential area laid out in the City of Nelson’s Downtown and Waterfront Master Plan.
“We hope that it is going to move forward,” said Dooley. “I’m not sure what their next steps are. We’ll have to have a conversation with them and see what their plans are. There is a plan in place now but if they wanted to change that it would have to come back to council.”
The Star reported in February 2011 that all new listings for the property had to be pulled when parent company New Future Group, headed by Kamloops developer Mike Rink, sought protection from bankruptcy under the Companies’ Creditors Arrangement Act.
New Futures had until April 30, 2011 to refinance and restructure more than $120 million of debt, but must also declare it sought credit protection on its legal documents — including those that allow it to market Kutenai Landing.
Phil Hare — who had been the realtor for the project — said at the time he’d sold $6 million of the $12 million he’d need for New Future to begin building.
Dooley said Sorensen Fine Homes is still working on the details of their Nelson Landing project on the east waterfront.