Unfinished 24-storey Surrey condo tower listed for $30 million in court-ordered sale | Daily Hive

Unfinished 24-storey Surrey City Centre condo tower construction site listed for $30 million in court-ordered sale

Partially-built condition of the 24-storey Centra condo tower at 13862 101 Ave., Surrey, paused at the sixth floor after construction stopped in 2024. (Goodman Commercial)

A Surrey City Centre condominium tower project that reached just six storeys of its ultimate 24-storey height is being offered for $30 million through a court-ordered sale.

Vancouver-based real estate brokerage Goodman Commercial is marketing the unfinished “Centra” condominium tower development at 13862 101 Ave. on behalf of court-appointed receiver Alvarez & Marsal Canada Inc.

The property is located just west of the intersection of 139 Street and 101 Avenue, and west of the Quibble Creek Greenway and BC Hydro electrical lines corridor. It is also about a 13-minute walk northeast of SkyTrain’s King George Station.

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The 1.2-acre property was set to be redeveloped into a high-rise tower with a separate two-storey building containing additional residential units and a shared amenity space.

Together, the buildings would provide 167 strata market ownership homes, along with 194 vehicle parking stalls across two underground levels.

According to Goodman, more than $23 million has already been spent on the hard costs of construction. The brokerage notes that the development’s approvals have been paid for and design drawings completed, allowing a purchaser to take over a project with partially completed construction work.

The asking price works out to approximately $206 per sq. ft. of approved buildable floor area, according to the brokerage.

According to BC Assessment’s latest assessment roll, as of July 2025, the project has an assessed value of $26.71 million, including $19.91 million from the value of the land and $15.79 million from the partly-built tower structure and underground parking levels, and other partial site improvements.

13862 101 Avenue Surrey Centra condo tower partial construction

Site and concept of the 24-storey Centra condo tower at 13862 101 Ave., Surrey, paused at the sixth floor after construction stopped in 2024. (Goodman Commercial)

In March 2026, the Supreme Court of British Columbia appointed Alvarez & Marsal as the receiver, over the assets of Centra Limited Partnership and other entities linked to the Everest Group of Companies. According to Everest’s website, they have offices in Surrey, Edmonton, and Mississauga, with the company’s LinkedIn profile noting that the Ontario location serves as the headquarters office.

A petition filed in court in December 2025 provides some details on the project’s financing troubles. Domain Mortgage Corp., acting for Capstone lenders, said it had advanced $27.8 million under a lending agreement dating to March 2022, with an annual interest rate of 14 per cent.

By the December 2025 filing, the amount owing had reached approximately $44.2 million, with legal fees and further interest still to be added.

The lender outlined several breaches of the financing agreements, including missed interest payments, failure to provide required reports, and unpaid property taxes for both 2024 and 2025. It also noted that approximately $15.2 million in builders’ liens — claims against the property for unpaid construction work or supplies — had been registered against the site.

Construction had been stopped since late Summer 2024, with the building permits secured in 2018 and early construction works and site preparation starting in 2019. Major construction work first began in Spring 2021. Prior to the project’s legal issues, a completion date of 2028 was targeted.

At the time, Domain asked the court for several measures, including the appointment of a receiver, an immediate sale of the property, and judgments requiring the borrowers and guarantors to pay.

Partially-built condition of the 24-storey Centra condo tower at 13862 101 Ave., Surrey, paused at the sixth floor after construction stopped in 2024. (Goodman Commercial)

In December 2025, the project’s general contractor, Metro-Can Construction (OT) Ltd., terminated its contract because they had not been paid for work performed.

In its July 2026 update on the receivership proceedings, Alvarez & Marsal noted that 152 of the project’s 167 homes had previously been pre-sold.

At the receivership date in March 2026, the outstanding loans included about $45.7 million under the Capstone financing administered by Domain Mortgage Corp. and $8.9 million owed to Desjardins. As well, $11.5 million was owed to Metro-Can, which had registered a builder’s lien against the property.

The receiver had previously negotiated a potential sale to Chiniki Surrey Tower LP. However, as of July 2026, the buyer had not removed its remaining conditions, including obtaining satisfactory financing.

The receiver continued marketing the property through Goodman, which renewed the listing’s marketing today. Between the approximate period of mid-May and mid-July 2026, Goodman had reached out to over 12,600 potential purchasers, resulting in six parties signing confidentiality agreements allowing access to more detailed information about the project and property.

Partially-built condition of the 24-storey Centra condo tower at 13862 101 Ave., Surrey, paused at the sixth floor after construction stopped in 2024. (Goodman Commercial)

The future use of what was known as the Centra tower project could look different under a new owner.

Goodman notes that all previous pre-sale purchase agreements have been cancelled. It is repositioning the property as an opportunity for a buyer to launch a new condominium sales program or pursue market rental housing.

The approved plans provide approximately 122,000 sq. ft. of residential unit space, averaging about 730 sq. ft. per unit. The unit size mix is 17 studios, 18 one-bedroom units, 80 one-bedroom units with a den, three two-bedroom units, 17 two-bedroom units with a den, and 32 three-bedroom units.

The plans also call for a landscaped private courtyard connecting the tower with the amenity building, including shared outdoor amenity areas with barbecues, seating, and gathering space. The project’s original design firm was Atelier Pacific Architecture.

13862 101 Avenue Surrey Centra condo tower

Conceptual artistic rendering of the Centra condo tower at 13862 101 Ave., Surrey. (Atelier Pacific Architecture/Everest Group of Companies)

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