New Future grounded

New Future Group is no longer in control of the Kutenai Landing project.

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.

Just Posted

VIDEO: This is what buying legal pot in B.C. looks like

Take a look inside B.C.’s first and only legal pot shop located in Kamloops

Pacific Insight to lay off part of workforce

The company says it is transferring automotive production to its Mexico facility

Black belt tests on this week at Kootenay Martial Arts

Grandmaster Brenda Sell returns to assist in testing

UPDATED: Four Nelson marijuana dispensaries to remain open after legalization

Nelson’s police chief has no plans to close them down

Nelson candidates debate climate change at forum

Mayoral and council candidates had the chance to speak on five fictional resolutions

VIDEO: Candidates at Nelson election forum

Mayoral candidates joined 18 council candidates for an evening of very short answers

Jagmeet Singh says marijuana pardons are not enough

Trudeau government will streamline pardon process for Canadians convicted of simple possession of marijuana in the past

BC Ferries begins taking debit in two-month pilot project

Company is giving customers option to use Interac on two-month trial on select vessels

Caregivers banned from smoking, growing cannabis around children-in-care: MCFD

Ministry has limited cannabis use for caregivers, stating it may “pose a risk to children and youth.”

Cheaper strains sell out within minutes on online BC Cannabis Store

Province says new strains will become available in the coming months

Only 40% of B.C. car dealerships have electric cars available: report

Researchers found buyers frustrated at the lack of options

VIDEO: Millionaire Lottery returns to give back and win big

Since 1996, Millionaire Lottery has raised $52 million for the VGH+UBC Hospital Foundation

Baby boomer buba shares heartfelt novel with Okanagan audience

Pauline Daniel will be at Vernon’s Bookland and library Oct. 20

Most Read