Unfinished Surrey City Centre condo tower listed for $30 million in court-ordered sale
A 24-storey condo tower at 13862 101 Avenue in Surrey that stopped construction at six storeys in 2024 is being sold for $30 million by a court-appointed receiver after the developer failed to pay lenders.
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A 24-storey condominium tower in Surrey City Centre that stopped construction in 2024 at the sixth floor is listed for $30 million through a court-ordered sale, Daily Hive Vancouver reported on November 13.
The building is at 13862 101 Avenue, a 13-minute walk northeast of King George SkyTrain Station. The developer, Centra Limited Partnership, linked to Everest Group of Companies, missed interest payments to lenders and failed to pay its general contractor. The Supreme Court of British Columbia appointed Alvarez and Marsal Canada as receiver in March 2026.
Goodman Commercial is marketing the 1.2-acre site on behalf of the receiver. The $30 million asking price works out to about $206 per square foot of approved buildable floor area, Daily Hive Vancouver reports. The City's July 2025 assessment valued the property at $26.71 million.
The project was planned for 167 condo units across 24 storeys and 194 underground parking stalls. At the time of receivership, the developer owed $45.7 million to Capstone lenders, $8.9 million to Desjardins and $11.5 million to Metro-Can Construction, the general contractor that terminated its contract in December 2025 for non-payment. Builder's liens of $15.2 million were also registered, Daily Hive reports. The original loan of $27.8 million, made in March 2022 at 14 percent annual interest, had grown to about $44.2 million by December 2025.
All 152 of the 167 pre-sold contracts were cancelled after receivership, Daily Hive Vancouver reports. The receiver is marketing the site as an opportunity to restart a condo sales program or convert the project to market rental housing. More than $23 million in hard construction costs have already been spent on the six completed storeys and the underground structure.
The site is a 13-minute walk northeast of King George SkyTrain Station, Daily Hive reports. The Surrey Langley SkyTrain extension is under construction nearby, with Fraser Highway limited to local access while crews work, though no extension station is planned at this location.
Surrey Council is tracking housing commitments at the Surrey promise tracker, and approved over 1,800 housing units at its November 13 land use meeting. Residents who want to follow the Centra site's court proceedings can search the Supreme Court of British Columbia's public registry.
Questions this story answers
Where is the Centra condo tower in Surrey and what happened to it?
The Centra condo tower is at 13862 101 Avenue in Surrey, in the City Centre neighbourhood west of 139 Street. It was planned as a 24-storey building with 167 condo units. Construction began in spring 2021 and stopped in late summer 2024 when the developer, Centra Limited Partnership (linked to Everest Group of Companies), failed to pay its lenders and its general contractor. The building reached only six storeys. The Supreme Court of British Columbia appointed Alvarez and Marsal Canada as receiver in March 2026.
What is the asking price and who is selling the Centra tower?
The court-appointed receiver Alvarez and Marsal Canada is marketing the site through Vancouver-based real estate brokerage Goodman Commercial at $30 million. Daily Hive Vancouver reports that equals about $206 per square foot of approved buildable floor area. The City's July 2025 assessment valued the 1.2-acre property at $26.71 million.
What happened to the people who bought units in the Centra condo tower?
According to Daily Hive Vancouver, 152 of the 167 planned units had been pre-sold. All pre-sale purchase contracts were cancelled after the receiver was appointed. No money or unit has been received by those buyers; this is a court-ordered process, not a voluntary sale by the developer.
How much does the developer owe?
Daily Hive Vancouver reports that at the time of receivership, Centra Limited Partnership owed $45.7 million to Capstone lenders, $8.9 million to Desjardins and $11.5 million to Metro-Can Construction, the general contractor that terminated its contract in December 2025 for non-payment. Builder's liens of $15.2 million were also registered. The original loan of $27.8 million, made in March 2022 at 14 percent annual interest, had grown to about $44.2 million by December 2025.
What can a buyer do with the Centra tower site?
Daily Hive Vancouver reports that the receiver is marketing the property as an opportunity to either launch a new condo sales program or build market rental housing. More than $23 million in hard construction costs have already been spent. The six completed storeys and the underground parking structure are part of the site. Any new buyer would need to arrange new financing and decide whether to continue the existing design or start over.
Is the Centra tower near SkyTrain in Surrey?
Daily Hive Vancouver reports the site is a 13-minute walk northeast of King George SkyTrain Station. It is also near the Quibble Creek Greenway and BC Hydro corridor. The Surrey Langley SkyTrain extension is under construction, with Fraser Highway limited to local access while crews work, though no station is at this location.
Who was the developer of the Centra condo tower?
The developer was Centra Limited Partnership, linked to Everest Group of Companies, with offices in Surrey, Edmonton and Mississauga, according to Daily Hive Vancouver. The original design firm was Atelier Pacific Architecture.
Where can I learn more about housing in Surrey?
Surrey Council's housing commitments are tracked at /bc/surrey-2026/tracker. Council approved over 1,800 housing units at its first land use meeting on November 13, 2026, including 748 affordable rental units in City Centre.
Sources
The pages this story draws on. Open one to check a claim yourself.
- Daily Hive Vancouver, November 13, 2026dailyhive.com
- Burnaby House, November 13, 2026burnabyhouse.com
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