Court Orders Sale of Kensington Island Properties Due to Debt

development · September 2024 · Union Bay Estates development

A court has ordered the sale of Kensington Island Properties, the developer of Union Bay Estates, due to $100 million in debt. The stalled development project had commitments to the Union Bay community and K’omoks First Nation regarding water supply and public infrastructure, which are now uncertain. The primary creditor, Fox Island Development Ltd., may attempt to reorganize and continue the project subject to regulatory requirements.

Sources

• “A court has ordered the sale of Kensington Island Properties (KIP) as a result of $100 million in debt... This development proposal has been stalled for many years... commitments to K’omoks First Nation... now in doubt.” — The Islands Grapevine – September 5th, 2024 (September 5th, 2024)

Compiled from public community sources; we report the subject under discussion, not opinion. Report a correction.