Dreams of building a new ski resort near Squamish took a further step from reality this month when the developer went into receivership to sell the property.
Garibaldi of Squamish Limited Partnership and Garibaldi of Squamish Co. has appointed financial firm Ernst & Young as receiver to manage the sale to repay debt. It’s all detailed in Supreme Court documents released online this month.
Garibaldi of Squamish owes approximately $65 million to third-party financiers, who provided millions of dollars in the form of unsecured loans with repayment terms. Many of those deadlines have now passed, and funders are demanding their money back.
A 2020 conceptual artistic rendering of Garibaldi at Squamish Resort. It depicts skiers heading to the main village during the winter. (PWL Landscape Architects/Garibaldi of Squamish)
The resort is being developed by Aquilini Investment Group, owner of the NHL Vancouver Canucks, along with the NHL Dallas Stars, Grouse Mountain Resort, Sutton Place Hotels, Denny’s Canada, Moxie’s Grill & Bar, Shark It was funded and led by Northland Properties Corporation, which owns the club.
Luigi Aquilini personally donated $20 million to the developer.
But 23 years after Garibaldi of Squamish was incorporated, construction has yet to begin. The company has no income and relies on third-party funding to proceed with construction of its planned ski resort.
![Garibaldi Squamish Resort](https://images.dailyhive.com/20201022152159/garibaldi-squamish-resort-6.jpg)
![Garibaldi Squamish Resort](https://images.dailyhive.com/20201022152159/garibaldi-squamish-resort-6.jpg)
Garibaldi’s 2020 conceptual artistic rendering of Squamish Resort depicting the main village plaza in summer. (PWL Landscape Architects/Garibaldi of Squamish)
The resort is proposed to be located on Brome Ridge, about 8 miles north of downtown Squamish, and would be accessed by a new road to be built just south of Brome Lake. The project cost was estimated at $3.5 billion and included 1,600 acres of skiable terrain.
This was the only new ski resort development to receive environmental approval from the state. It happened in 2016, even though there were 40 conditions attached. Many have yet to meet, according to court documents this month.
Court documents say there is “no consensus” among Garibaldi’s directors in Squamish about its future. Construction work must “substantially begin” by January 2026, the deadline set by the state government when issuing environmental assessment certificates.
“Without third-party funding, Squamish Garibaldi does not have the ability to move forward with the project, including the work necessary to meet requirements. [environmental] conditions,” the petition to the court states.
Garibaldi’s board members in Squamish include familiar faces David Suzuki, real estate mogul Roberto Aquilini (son of patriarch Luigi Aquilini) and Northland Properties billionaire Bob Gaglardi. Other directors include Aquilini employees James Chu and Bill Aujla, as well as Robert Toor, Alex Lau, Hunter Milborne, Fabio Banducci and Stephen Jackson. .
A receiver was appointed to ensure the asset sale was fair given the close relationship between some of the parties, given the Aquilini connection.