Aqua Project

Aqua Project

Postby Scrobins94 » Jan 20th, 2019, 4:33 pm

Image

Looks like a really nice project, but I don't understand what Mission Group is trying to do. They currently own the land, but want to sell the project to buy back into it? Do they think the land is undervalued and perhaps want a sale so they can get a bigger loan against a new land appraisal, presumably a higher one? Thoughts?

https://okanaganedge.net/2019/01/17/aqu ... ng-closer/
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Re: Aqua Project

Postby RVThereYet » Jan 20th, 2019, 4:51 pm

Scrobins94 wrote:Image

Looks like a really nice project, but I don't understand what Mission Group is trying to do. They currently own the land, but want to sell the project to buy back into it? Do they think the land is undervalued and perhaps want a sale so they can get a bigger loan against a new land appraisal, presumably a higher one? Thoughts?

https://okanaganedge.net/2019/01/17/aqu ... ng-closer/


The way I read is that they have an investor that (as previously agreed to) is looking to get out at this stage of the project. MG needs cash to pay out that investor. They sell the project to a new partner (investor) and use the money from the sale to pay out the original investor while at the same time retaining an interest in the project.
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Re: Aqua Project

Postby Scrobins94 » Jan 20th, 2019, 5:30 pm

The part that puzzles me the most is:

The land, which is just south of Hotel Eldorado, has been listed with Colliers International, and Mission Group will be buying back into the project along with another group that chooses to help finance the construction of the lakeside residential resort complex.


So they're talking about MG "buying back into the project", that reads to me like they're exiting and then getting back on board. Then they talk about needing a "market-price sale". Now why would they need something like that?
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Re: Aqua Project

Postby RVThereYet » Jan 20th, 2019, 6:47 pm

Scrobins94 wrote:The part that puzzles me the most is:

The land, which is just south of Hotel Eldorado, has been listed with Colliers International, and Mission Group will be buying back into the project along with another group that chooses to help finance the construction of the lakeside residential resort complex.


So they're talking about MG "buying back into the project", that reads to me like they're exiting and then getting back on board. Then they talk about needing a "market-price sale". Now why would they need something like that?


They need $ to pay out the investor that is looking to exit the project at this time.
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Re: Aqua Project

Postby dirtybiker » Jan 20th, 2019, 10:47 pm

^^^Gawd that looks disgusting..
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Re: Aqua Project

Postby Bsuds » Jan 21st, 2019, 8:41 am

I hope the project dies! The traffic on Lakeshore is already overloaded.
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Re: Aqua Project

Postby Fancy » Jan 21st, 2019, 9:04 am

I was looking at the Google map and I can't figure out exactly where it is. Are there homes being torn down to make room? Ok I got that it's on Truswell. I'll have to take a drive and take a look.
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Re: Aqua Project

Postby Bsuds » Jan 21st, 2019, 9:45 am

I think it's partly going where the boats storage is now.
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Re: Aqua Project

Postby Fancy » Jan 21st, 2019, 10:09 am

I took another look at the project:

https://www.missiongroup.ca/wp-content/ ... ry-web.pdf

The roads better be upgraded before that's even started.
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Re: Aqua Project

Postby dreamon » Jan 21st, 2019, 12:25 pm

Scrobins94 wrote:The part that puzzles me the most is:

The land, which is just south of Hotel Eldorado, has been listed with Colliers International, and Mission Group will be buying back into the project along with another group that chooses to help finance the construction of the lakeside residential resort complex.


So they're talking about MG "buying back into the project", that reads to me like they're exiting and then getting back on board. Then they talk about needing a "market-price sale". Now why would they need something like that?


Translation:
MG's partner would like to be bought out however the various existing partners cannot come to agreement as to what the value is.
MG and/or their new partner to be, would like a low value as they are the buyer of the share they do not already own.
The Seller of said share would obviously like as much money as possible.

The best way to determine the value of the share to be sold is to to expose it to the market and see what offers come in.

I would presume that the listing would have a contingency whereby MG has first right of refusal or some such thing.

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Re: Aqua Project

Postby Scrobins94 » Jan 21st, 2019, 1:04 pm

^dreamon that's the explanation that makes the most sense to me. Thank you.
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Re: Aqua Project

Postby dirtybiker » Jan 21st, 2019, 1:21 pm

Fancy wrote:I took another look at the project:

https://www.missiongroup.ca/wp-content/ ... ry-web.pdf

The roads better be upgraded before that's even started.


Fancy's link for reference.

If this development goes ahead, that boat launch is kaput.
It would require near continual and ongoing dredging.

I'm no engineer, but I'm not daft.

Scroll through to the overhead shots supplied in the link and realize how
the sand from Mission Creek outflow fans out and collects on the lee
of the outcroppings and docks.
If another marina/dock/breakwater is built on the South of the
launch, it will fill with sand.

Mark my words....
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Re: Aqua Project

Postby 69cutlass » Jan 21st, 2019, 1:25 pm

The only thing that matters right now is the longer they take to get off the ground, the longer the boat launch parking lot still has as many stalls. Gonna be a shame when the only launch in town with attached parking is gonna lose over a third of its parking.

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Re: Aqua Project

Postby WalterWhite » Jan 21st, 2019, 1:39 pm

dirtybiker wrote:
Fancy wrote:I took another look at the project:

https://www.missiongroup.ca/wp-content/ ... ry-web.pdf

The roads better be upgraded before that's even started.


Fancy's link for reference.

If this development goes ahead, that boat launch is kaput.
It would require near continual and ongoing dredging.

I'm no engineer, but I'm not daft.

Scroll through to the overhead shots supplied in the link and realize how
the sand from Mission Creek outflow fans out and collects on the lee
of the outcroppings and docks.
If another marina/dock/breakwater is built on the South of the
launch, it will fill with sand.

Mark my words....


That exact scenario already occurred when the city first constructed that launch and the current dock had a breakwater installed on the south side. Within one season the property immediately south amassed so much sand their dock was rendered useless and they demanded the city breakwater be removed, which it was.
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Re: Aqua Project

Postby bigtimeoperations » Jan 21st, 2019, 2:16 pm

Don't like it. Way too ambitious of a project for Kelowna, this is not Vancouver lol. That area would be a total and complete gongshow. Maybe if Lakeshore was 4 laned it would be a possibility, but that ain't gonna happen! Eldorado, Manteo and Playa Del Sol are more than enough for that area.

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