Lending a helping hand to developments that run into trouble
With many new home projects opening for sale each month, it sometimes seems like developers just cannot fail. But what happens to those home developments that run into trouble? Are they doomed to shut the project down and leave potential homeowners looking elsewhere?
No, says Azura Management Corporation's Vice-President Trent Blackwell. Azura has been in business for 25 years, and in that time, they have rescued over 1,000 condominium projects and over 500 single-family, recreation or commercial developments.
"It is about optimizing our resources and repositioning (the developments) in the marketplace," Blackwell says. "Sometimes the challenges are financial, sometimes they're construction-related."
Blackwell says that with the experience Azura brings to their projects, they are able to figure out what the project needs to continue. Sometimes that is reconfiguring the floorplans, as in the case of Azura's latest project, Aviva on the Park in Port Coquitlam.
Azura was contacted by a bank they had dealt with in the past about taking care of Aviva, whose developer had been unable to commit to completing the second phase. "We jumped at the opportunity," says Blackwell.
"We fill a unique niche within the industry," says Azura's President Ewen Stewart. "Whether it's a master-planned resort community or a multi-family residential development, the purpose is to find projects that might otherwise never be completed."