Developer plans to rebuild fire-ravaged complex in Surrey
Investors in the fire-destroyed Quattro development in Surrey hoping to cash out of the cooling real estate market saw their hopes go up in smoke yesterday.
Charan Sethi, the developer behind the 1,100-unit mixed residential and commercial development, told a town-hall-style meeting outside Quattro that he remains committed to the project and plans to rebuild.
But at least one of the buyers said he had hoped that the Oct. 1 fire that razed Quattro 2 to the underground parkade would allow him to get his money back.
“The realtor who sold it to us phoned us up and told us the unit was on fire,” said Claus Sandhack, following the meeting yesterday. “We were happy. We thought we’re going to be able to get out.”
Claus and his wife, Carrie Armstrong, bought a unit in Quattro 2, speculating that its value would increase. The complex was hyped as bringing Yaletown to Whalley.
“It cost me $308,000. In two years is it going to be worth $200,000? A $150,000?”
Other buyers, however, were more optimistic.
Noel Hardy, who purchased a unit in Quattro 2 as an investment, liked what he heard.
“We’re here for the long haul. We’re going to stick with this developer … this area is going to be very attractive moving forward.”
