Operations at Victoria International Marina, which has struggled to find its footing since opening in 2018 and enduring empty slips due to the pandemic, are now under the direction of a receiver, as the companies behind the marina file for bankruptcy.
B.C. Supreme Court has appointed the Vancouver offices of Alvarez & Marsal Canada as the receiver for the work and properties of Community Marine Concepts, Victoria International Marina, Eternaland Yuheng Investment Holding and 0736657 B.C.
Records at the Office of the Superintendent of Bankruptcy have not yet been updated to reflect the financial status of the companies involved, what is owed and what assets they have.
No date has been set for the first meeting of creditors.
Craig Norris, chief executive of Community Marine Concepts, which operates the marina, said he has been advised by the receiver not to comment on the matter.
Alvarez & Marsal Canada did not respond to phone calls and emails seeking comment.
The marina, located along the Songhees waterfront in Vic West, has struggled since it opened in a limited capacity in 2018. Faced with a second consecutive season of empty slips this year, the owners put it up for sale in the spring.
A listing for the luxury-yacht marina, built for vessels between 65 and 165 feet in length, went public in March. No price was published.
Early on, there seemed to be a lot of interest — both the listing agent and Norris said they had been fielding calls about the property.
The marina had expected a strong 2020, as it had 180 reservations on its books, but the American side of the business was killed by the pandemic and subsequent border and travel restrictions.
The marina was built at a cost of about $35 million. In 2019, when it was fully operational, it hosted about 90 vessels.
The marina has 28 slips for large yachts, nearly 3,000 linear feet of concrete-and-steel floats and amenities, including a restaurant — the Boom and Batten, which has a lease until 2049 — and a marina building.
The marina building offers services and amenities for yacht owners, their guests and crews, including office space, retail space, boardrooms and a crew club with a lounge, fitness studio and showers.
Note to readers: This story has been corrected. Boom and Batten has lease until 2049. A previous version of the story gave an incorrect year.
