Business in Vancouver is reporting that a decision by White Rock council to provide a $3.4 million second mortgage to Bosa Properties for the Miramax Village highrise complex is causing community concern.
According to BIV, "Bosa bought the land for what was then known as the Town Centre project from the City of Whiterock for $7.6 million in 2004."
The local seaside residents are apparently concerned that "the city is being put at risk by backing the Bosa mortgage; other say development is simply getting out of hand."
Phase II of the project is on hold due to the current economic circumstances.
Needless to say, we have no more new land being created in Metro Vancouver, so issues like this are bound to become more pronounced over the next decade as cities grapple with where to put everyone.