A draft rendering of what a public campground located on the former Waterway Houseboats property would have looked like. (District of Sicamous Image)

A draft rendering of what a public campground located on the former Waterway Houseboats property would have looked like. (District of Sicamous Image)

Calgary company outbids Sicamous on former Waterway Houseboats property

BC Supreme Court approves $2.6 million sale to Checkpoint Developments Ltd.

Plans for a new public campground in the Shuswap may have been dashed.

A purchase offer on the former Waterway Houseboats property by the District of Sicamous Development Corporation (DOSDC) is no longer on the table after a competing bid from a Calgary-based company was approved by the BC Supreme Court.

The property, located at 1 Meryvn Road, on the shore of Mara Lake south of Sicamous’ town centre, is up for sale as part of the receivership process initiated by CIBC against the houseboat rental company in June.

The DOSDC, which is owned by the District of Sicamous, submitted a $2 million purchase offer for the 16.33 acre property in late November. The offer was approved by the receiver.

The DOSDC intended to develop the property into a recreation area, including a public beach, park, boat launch and 75 RV and camp sites.

Read More: Sicamous plans to buy former Waterway Houseboats property, build campground

Read More: Proposed Waterway property purchase in hands of Sicamous development corporation

The DOSDC received notice on Dec. 13 that a competing bid of $2.6 million, submitted by Checkpoint Developments Ltd., was going before the court for consideration on Monday, Dec. 16. The competing bid was for the real estate and other items formerly owned by Waterway.

A Dec. 19 report published by the receiver notes that along with the $2 million offer from the DOSDC for the purchase of the real estate, a parallel offer for items on the property was submitted by Able Auctions Ltd. An earlier report states Able’s offer beat three other would-be liquidators with a guarantee the receiver would receive a minimum of $575,000 for the saleable chattel held by Waterway, as well as a split for any sale proceeds exceeding $650,000, with 75 per cent going to the receiver and 25 per cent going to Able.

Read More: More than $13 million owed to creditors by Waterway Houseboats

Read More: 51 out of work as Sicamous’ Waterway Houseboats shuts down

The Dec. 19 report says the offer from Checkpoint was not monetarily superior to the combined offer by the DOSDC and Able. It states a single purchaser for the real estate and other items might result in no site clean-up costs being incurred due to unsold assets remaining after the liquidation.

The DOSDC and the District of Sicamous were granted five days to consider modifying their original offer; they met on Dec. 18 to discuss their options and also invited Checkpoint to discuss their plans for the property. According to the DOSDC, the development firm shares their vision for repurposing the lands.

On Dec. 20, the B.C. Supreme Court approved the sale of Waterway’s lands and other items to Checkpoint.

“Moving forward, the DOSDC and the DOS look forward to working with Checkpoint Developments in redeveloping these lands for its future,” a statement from the DOSDC reads.



jim.elliot@saobserver.net

Like us on Facebook and follow us on Twitter

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

The Canadian Mental Health Association Shuswap Revelstoke’s homeless outreach coordinator Carly Shipmaker and practicum student Sarena Bryden take a turn on Thursday, May 6 on the stationary bike. They were cycling under the blue sun canopy outside the CMHA thrift shop to promote Mental Health Week and to prepare for this year’s Ride Don’t Hide event in June. (Martha Wickett-Salmon Arm Observer)
Getting the wheels turning for Salmon Arm’s Ride Don’t Hide event

Canadian Mental Health Association awareness and fundraising campaign to run throughout June

Pharmacist Barbara Violo arranges all the empty vials of the Oxford-AstraZeneca COVID-19 vaccines that she has provided to customers at the Junction Chemist which is an independent pharmacy during the COVID-19 pandemic in Toronto, on Monday, April 19, 2021. THE CANADIAN PRESS/Nathan Denette
B.C.’s 1st vaccine-induced blood clot case detected in Interior Health

Interior Health also recorded 52 new cases of COVID-19

Interior Health provided updated data breaking down the vaccine administration totals in communities throughout the region on Monday, May 3, 2021. (File photo)
Nearly 40% of Shuswap adults vaccinated

More than 12,000 people in the Salmon Arm health area received their first COVID-19 vaccine

Ian Syme gets ready to swing the bat during skills training and picture day for Salmon Arm Minor Baseball 6U players at the Hillcrest Elementary field on Wednesday, May 5, 2021. (Lachlan Labere-Salmon Arm Observer)
Young Salmon Arm ballplayers in training

Salmon Arm Minor Baseball Association seeking sponsorships for batting cage

The monthly totals from Jan.1, 2020 to April 30, 2021 show COVID-19 cases for most Local Health Areas in the North Okanagan-Shuswap, other than Vernon’s with the largest population, staying well below 400. (BC Centre for Disease Control image)
16 months in, COVID cases in North Okanagan-Shuswap areas stay under 1,000

Vernon, with the largest population, hovers under 900 cases since January 2020

Protesters attempt to stop clear-cutting of old-growth trees in Fairy Creek near Port Renfrew. (Will O’Connell photo)
VIDEO: Workers, activists clash at site of Vancouver Island logging operation

Forest license holders asking for independent investigation into incident

The Primary Urgent Care Centre on Martin Street officially opened on March 31, 2021. (Brennan Phillips)
Okanagan-Similkameen Regional Hospital District reverses funding decision on care centre

Approval now granted to fund $1 million for Urgent and Primary Care Centre in Penticton

Motorists breaking travel rules can be fined $230 for failing to follow instructions or $575 if the reason for travel violates the essential travel health order, at this Highway 3 check area near Manning Park. Photo RCMP
RCMP begin checking drivers on BC highways

Four check points are set up Thursday May 6 around the province

Starting Tuesday, May 11, B.C. adults born in 1981 and earlier will be able to register for a vaccine dose. (Haley Ritchie/Black Press Media)
BC adults 40+ eligible to book COVID-19 vaccinations next week

Starting Tuesday, people born in 1981 and earlier will be able to schedule their inoculation against the virus

Kelowna City Hall. (Michael Rodriguez - Capital News)
New temporary outdoor shelter in Kelowna opens

The new area on Richter Street and Weddell Place replaces the Baillie Avenue site

Parks Canada and Tla-o-qui-aht Tribal Parks dig the washed up Princess M out from sand along the south shore of the Pacific Rim National Park Reserve. (Nora O’Malley photo)
Rescue attempt costs man his boat off Pacific Rim National Park Reserve

Coast Guard response questioned after volunteer responder’s speedboat capsizes in heavy swells

Al Kowalko shows off the province’s first electric school bus, running kids to three elementary and two secondary schools on the West Shore. (Zoe Ducklow/News Staff)
B.C.’s first electric school bus making the rounds in Victoria suburbs

No emissions, no fuel costs and less maintenance will offset the $750K upfront expense

Road sign on Highway 1 west of Hope warns drivers of COVID-19 essential travel road checks on the highways into the B.C. Interior. (Jessica Peters/Chilliwack Progress)
B.C. residents want travel checks at Alberta border, MLA says

Police road checks in place at highways out of Vancouver area

Victoria police say the photo they circulated of an alleged cat thief was actually a woman taking her own cat to the vet. (Black Press Media File Photo)
Photo of suspected cat thief released by Victoria police actually just woman with her pet

Police learned the she didn’t steal Penelope the cat, and was actually taking her cat to the vet

Most Read