Garibaldi at Squamish ski resort developer's assets to be sold off

2020 conceptual artistic rendering of Garibaldi at Squamish resort, depicting the view of the Main Village from the West Ridgeline in winter. (PWL Landscape Architects/Garibaldi at Squamish)

The dream of building a new ski resort near Squamish is even further from reality after the developer entered receivership this month to sell off its assets.

Garibaldi at Squamish Limited Partnership and Garibaldi at Squamish Inc. appointed financial firm Ernst and Young as receiver to manage the sale to pay down debts. It’s all laid out in Supreme Court documents posted online this month.

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Garibaldi at Squamish owes nearly $65 million to third-party funders, who gave it millions in the form of unsecured loans with deadlines for repayment. Many of those deadlines have now come and gone, with funders wanting their money back.

2020 conceptual artistic rendering of Garibaldi at Squamish resort, depicting skiing towards the Main Village during the winter. (PWL Landscape Architects/Garibaldi at Squamish)

The resort development was funded and spearheaded by NHL Vancouver Canucks owner Aquilini Investment Group, and Northland Properties Corporation, which owns the NHL Dallas Stars, Grouse Mountain Resort, Sutton Place Hotels, Denny’s Canada, Moxie’s Grill & Bar, and Shark Club.

Luigi Aquilini personally gave $20 million to the developer.

But 23 years after Garibaldi at Squamish was incorporated, no construction has started. The company makes no income, relying on third-party funding to continue moving the proposed ski resort forward.

2020 conceptual artistic rendering of Garibaldi at Squamish resort, depicting the Main Village Plaza during the summer. (PWL Landscape Architects/Garibaldi at Squamish)

The resort was proposed to exist on Brohm Ridge, about 13 kilometres north of downtown Squamish, accessible by a new road to be built just south of Brohm Lake. The project was estimated to cost $3.5 billion, with 1,600 acres of skiable terrain.

It was the only new ski resort development to get an environmental stamp of approval from the Province. That happened in 2016, though there were 40 conditions attached. According to this month’s court documents, many have still not been met.

Court documents say there’s a “lack of consensus” among the directors of Garibaldi at Squamish regarding its future. Construction work would need to “substantially start” by January 2026 — the deadline set by the provincial government when it granted the Environmental Assessment Certificate.

“Without third-party funding, Garibaldi at Squamish has no ability to advance the project, including work necessary to satisfy the [environmental] conditions,” a petition to the court says.

Directors of Garibaldi at Squamish include household name David Suzuki, real estate magnate Roberto Aquilini (son of family patriarch Luigi Aquilini), and billionaire Bob Gaglardi of Northland Properties. Other directors include Aquilini employees James Chu and Bill Aujla, as well as Robert Toor, Alex Lau, Hunter Milborne, Fabio Banducci, and Stephen Jackson.

Given the close relationships between some of those involved, given their Aquilini connections, the receiver has been appointed to ensure the sale of assets is fair.

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