Developers sue after Salmon Arm property buy turns sour
By Charlotte Helston
(CHARLOTTE HELSTON / iNFOnews.ca)
December 11, 2014 - 4:29 PM
SALMON ARM - A multi-million dollar lawsuit is underway after a trio of developers found out the property they bought in Salmon Arm wouldn’t be as profitable as they’d expected.
Smart Centres Inc., Salmon Arm Shopping Centres Limited and Calloway REIT (Salmon Arm) Inc. are suing EBA Engineering Consultants, and three of its employees, over two studies into a piece of property in Salmon Arm.
The reports, which cost $5,550, suggested substantial portions of the property could be developed, however that information proved inaccurate when proper Riparian Areas Regulations setbacks were applied.
The developers say they relied on the reports when purchasing the land for $14,700,000 in 2007. They claim losses of at least $3.3 million stemming from the reports.
The engineering firm denies any negligence or breach of contractual duty. On Dec. 2, the firm applied to have a summary trial (judgement without a traditional trial) but the judge dismissed the application.
The case is set to be heard over a ten-day trial starting July 13.
To contact the reporter for this story, email Charlotte Helston at email@example.com or call 250-309-5230. To contact the editor, email firstname.lastname@example.org or call 250-718-2724.
News from © InfoTel News Ltd, 2014