After months of uncertainty, the College Heights development in Qualicum Beach is under new ownership.
Paul Jahn, who presented on the development at Qualicum Beach town council Feb. 1, told The NEWS that the development is now owned by Monaco Holdings.
According to the Monaco Holdings’ website, Jahn is the president of the company. The website also states the company’s services include new construction, additions and major renovations.
On the website, Qualicum College Heights is portrayed as a future condo development with 61 units proposed.
At the June 19 council meeting, town CAO Daniel Sailland said that, after fielding many calls from residents, he could confirm the development was under new ownership. However, Sailland added, the town had yet to receive an application.
Jahn said there are plans to bring a development proposal to council, but it is still being finalized.
“Unfortunately, it just takes time to get plans together, to get everything in order and to make sure that everything is workable and then to put your best foot forward at the council meeting.
“All I can say is that, the community is going to be really happy once this is all finished,” Jahn said.
At the Feb. 1 meeting, Jahn told council there was a foreclosure notice on the title, adding it would probably be about five months until the College Heights development went into foreclosure. At the time, Jahn also said there was an expected offer on the property.