Fort Crossing
407 Belvedere Gate Edmonton

Fort Crossing - multi-family for sale

3.32 ac
Multifamily Sale/Purchase
Contact us for price

Description

Jones Lang LaSalle Real Estate Services, Inc. (“JLL”) has been retained on an exclusive basis to offer for sale Fort Crossing, located at 403 & 407 Belvedere Gate in Edmonton, Alberta (the “Property” or “Site”). Fort Crossing is a proposed master planned mixed-use residential development consisting of five buildings containing a potential total of 376 residential suites and commercial space.

The Property is currently under construction. Building 1 and Building 2 are approximately 80% completed and construction is ongoing, each containing 56 residential suites and net leasable main floor commercial space of 10,104 square feet. The construction on this phase is projected to be completed by the end of 2020. Construction has not commenced on Building 3, Building 4 and Building 5. 

On June 18th, 2019, Fort Crossing was placed in receivership and KSV Kofman Inc. was appointed as Receiver and Manager, to act in respect of described assets, properties and undertaking of Station Point Developments Ltd. The Receiver’s objectives are to maximize the value of the offering and to complete the sale in a timely manner with limited or preferably no conditions. To participate in the process, prospective purchasers are required to execute the attached confidentiality agreement, following which they will be provided access to an electronic data room to assist in their evaluation of the Property.

Offers will be considered after July 8th, 2020. It is the intent of the Receiver to enter a binding offer for the Property with the successful bidder. Initial offers, regardless of form and content, will not create any binding legal obligations upon the Receiver. Offers will be evaluated based on, inter alia, the consideration offered for the Property, the prospective purchaser’s ability to complete the transaction and the proposed conditions of closing. Neither JLL nor the Receiver is under any obligation to select any of the offers. The Receiver reserves the right to amend the offering procedure at any time without notice. Amendments to the offering procedure may include, but are not limited to, withdrawal of the offering prior to the submission date. Any transaction for the Property is subject to court approval.

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