The building site at 7000 Lougheed Highway in Burnaby, B.C., is central to a legal dispute between Telus and Polygon Homes.In September, 2017, Vancouver-based developer Polygon Homes Ltd. inked a $175.5-million deal for a 14-acre property in Burnaby with Telus Communications Inc., the site marketed as transit-oriented in a “booming” area nestled between two town centre malls along a coveted commuter-friendly SkyTrain route.
With the imposition of this new requirement and the absence of an agreed plan to clean up the site, Polygon decided to pull out of its deal with Telus. It now wants Telus to return its $5-million deposit. “Since the [Purchase and Sale Agreement] was executed, the real estate market in the Lower Mainland declined and the purchaser and Polygon Homes formed the view that the property was now worth much less than the purchase price and, as a result, their planned development would no longer be profitable [or would be less profitable],” Telus’ lawsuit states.
Polygon claims it made"reasonable efforts in good faith" to change the deal given the city's feedback,"but no agreement was reached.""I don't think there's anything I can really tell you," he said."I'm really sorry." Telus' lawyer, Hein Poulus with Harris & Co., did not return the Globe's request for comment, nor did company representatives. Calls to the City of Burnaby for comment were not returned.
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