Financially troubled Lacombe development sold

The City of Lacombe has reported that a financially troubled residential, commercial and industrial development there has been sold.

The City of Lacombe has reported that a financially troubled residential, commercial and industrial development there has been sold.

A release issued by the city said that it’s been informed that an Alberta Court of Queen’s Bench judge approved the sale of the Wolf Creek Crossing lands on Monday.

It said the court order, which is conditional, specified a closing date of May 13.

“We welcome this announcement cautiously but optimistically, as retail development is a top priority for Lacombe,” said Mayor Steve Christie in the release.

Edmonton developer Richview Developments Inc. announced in 2011 that it planned to develop 156 acres in southeast Lacombe as Wolf Creek Crossing. Its proposal included 50 acres of residential property, 40 to 50 acres of commercial development and a 20- to 25-acre industrial area.

Two months ago, the city revealed that the land had been ordered sold due to a mortgage default. It said at that time that permits had been issued for development to proceed, and an outline plan for the subdivision approved.

The city said the buyer for the property was identified as Canada 1 Corporation.

A search of Corporate Registry records indicated that Canada 1 Corporation is based in Edmonton, with its only listed director and voting shareholder Tanya Nadine McCrary-Singh, of Edmonton.

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