Northstar Development To Buy QRD Met Project Under Receivership For $11.6M

Northstar Development has agreed to purchase "The Met," a mixed-use project in Port Coquitlam, British Columbia, for $11.6 million. The property, located at 2245 McAllister Avenue, was previously owned by Quarry Rock Developments (QRD) and is currently under receivership.

The Met was planned as a six-story building featuring 80 residential units and approximately 19,530 square feet of commercial space, along with a public plaza. Due to financial difficulties, QRD was unable to complete the project, leading to receivership proceedings initiated by Canadian Western Bank (CWB) in April 2024.

In March 2024, QRD attempted to sell the property to Mosaic Seniors Care Society for $25 million; however, the deal fell through when Mosaic did not pay the required deposit. Subsequently, the receiver listed the property for $18.5 million, attracting interest from various parties.

Northstar Development's successful bid of $11.6 million was accepted, and the sale is expected to close soon. The company has not yet announced its specific plans for the site but is anticipated to continue with the original mixed-use development concept.

The sale of The Met is part of a broader effort to liquidate QRD's assets, which include several properties under receivership or foreclosure. This transaction allows creditors, including CWB, to recover a portion of the funds owed by QRD.

Local residents and businesses are hopeful that Northstar Development will revitalize the project, bringing new housing and commercial opportunities to the area. The completion of The Met is expected to contribute positively to Port Coquitlam's urban development and community growth.