The fact is BCL were rejected and cannot reapply for 2 years
In that time, the ABG has the decision to either sit on the asset and do nothing, or wind BOC up, return the cash and appoint a new developer to get the job done
With the $50M sitting in BOC's bank account, the ABG could buy directly into any new JV, cut a deal where they get initial equity, and have an experienced outfit, with key landowner support and funding commitments, actually get the asset re-developed
Let's see what they do ...
Officially BCL not renewed, page-15
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