Partially built Vancouver townhomes under receivership see new owner

An insolvency situation involving a new townhouse project in Vancouver has resulted in a change of ownership following the project’s receivership.

Prominent local developer Landa Global Properties announced today it has finalized the acquisition of the Modus project at 7576 Granville St., located at the southeast corner of the intersection of Granville Street and Park Drive in the Marpole neighbourhood.

The project was originally spearheaded by Centred Developments, which was able to sell all 17 townhouse units during the pre-sale phase.

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However, the project was placed under receivership in early 2024. In addition to the debt issues and the construction financing shortage that could not fully cover the project’s construction cost escalation, this development has drawn attention for its initial marketing as a concrete-build project, only for buyers to later be informed of a switch to a wood-frame design.

Centred Developments claimed they had intended to apply for a revised design but ultimately decided against it due to the significant delays it would have caused.

Original concept for the Modus townhouse project at 7576 Granville St., Vancouver. (Centred Developments)

Original concept for the Modus townhouse project at 7576 Granville St., Vancouver. (Centred Developments)

Landa Global has acquired the partially built development and land for $10.56 million, but it has not taken over any of the contracts of the 17 pre-sale deals made through Centred Developments. Any issues with buyers and their deposits will be the responsibility of the previous developer.

The new developer owner will be making some upgrades to the original plan for the project’s interiors and exteriors. The 17-unit project will be re-marketed, and the completion of the partially-built project with an upgraded design is now expected for mid-2026.

“We are really excited about this acquisition, which showcases the ongoing opportunities in the Vancouver real estate market, despite current economic and market challenges,” said Kevin Cheung, CEO of Landa Global Properties, in a statement.

“We believe in the long-term value of Vancouver’s market and we are excited to bring our vision to this burgeoning neighbourhood. Marpole is quickly evolving into a high-density hub for families and businesses.”

There will be a total building floor area of over 23,000 sq. ft. on top of the underground concrete parkade and foundation. This replaces the three single-family houses that were previously located on the lot.

This is Landa Global’s second receivership acquisition in recent months. Earlier this year, it acquired the long-vacant lot of 2465 West 41st Ave. in Kerrisdale and intends to submit a new development proposal for a new four-storey, mixed-use building.