Foreclosure hearing for Vancouver site for possible Filipino centre adjourned for six weeks
Lawyers requested more time to respond to two matters regarding the fate of the Main Street property slated for Filipino cultural centre
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A foreclosure hearing against a Vancouver developer who wants to build a Filipino cultural centre on a Mount Pleasant property was adjourned on Friday for six weeks.
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Tobi Reyes and his companies are opposing a lender’s attempt to foreclose on the property at 1940 Main St., where Reyes plans to develop a 30-storey tower for a hotel and a Filipino community facility, endorsed by Vancouver Mayor Ken Sim and his party.
Lawyers on Friday requested more time to respond to an “absolute order” by the lenders, Altin Capital, to transfer title to it, and a second application.
Altin Capital says in court documents Reyes owes more than $45 million on the property, assessed at $23 million in 2024, and the loan has been in default since January 2021.
Reyes and his companies oppose the order.
In an affidavit filed Jan. 5, Reyes describes what he calls the “unique cultural importance of the project to the Canadian Filipino community” and says the project has overwhelming support from stakeholders. That includes potentially hundreds of millions of dollars of new financing from private lenders and the prospect of provincial and federal government funding, he said.
Reyes’s affidavit asks the court to grant a time-limited extension to repay Altin, but does not specify a deadline. He argues an order absolute would “destroy the value created through this multi-site assembly and would undermine the framework expressly relied upon by the city in approving and prioritizing the project.”
In submissions filed with the court, Altin’s lawyer argues that Reyes’ evidence is “aspirational at best and constitutes a remote possibility of payment.”
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When considering a borrower’s request for an extension, the court must “rely on the evidence before it, not on speculation as to what may be possible or as to what evidence may be available in the future,” Altin’s submission says. It asks the court to grant the order absolute.
The hearing has been rescheduled tentatively for late March.
