Heavy machinery is arriving in the next couple of weeks to start carving out the latest subdivision on Bear Mountain land parcelled out after the original developer went into receivership.
“It’s the resurgence of Bear Mountain,” Philip Selbee, manager of construction for Canadian Horizons, owned by CareVest Capital Inc., said Tuesday. “Builders are building, and builders are selling homes.”
Canadian Horizons is rolling out subdivisions as another developer takes over Bear Mountain Resort in Langford. Ecoasis Developments LLP bought the resort’s 836 acres this month, along with Westin Bear Mountain Golf Resort and Spa, and two golf courses, from Bear Mountain Land Holdings, a subsidiary of HSBC Bank Canada.
HSBC became owner of the resort property on Skirt Mountain in 2010 after the developer went into creditor protection and founder Len Barrie was removed as CEO of Bear Mountain Partnership. HSBC was owed more than $250 million. CareVest, which was owed $42 million, received undeveloped land. Commercial and industrial mortgage lender Romspen, another major creditor, owed $12 million, received title to Jack’s Place restaurant and the athletic club. Ecoasis has announced it will be reviewing uses for its property in the coming months.
Canadian Horizons is clearing sites and putting in services to create lots to be sold to builders, who are putting up single-family houses. Most houses are being built on speculation, meaning they are not custom-ordered by buyers. Selbee did not disclose the total acreage in the company’s holdings at Bear Mountain.
So far about 116 single-family lots are planned, but there are two more parcels available for development within this ownership package, which will likely be mainly single-family, Selbee said. Generally speaking, there are about 70 lots in those two parcels. Another 5.6 acres at Bear Mountain Village is expected to see multi-family units built above ground-floor commercial space.
Lots will be developed as the market demands, Selbee said. A group of about seven developers, largely with experience of building on Bear Mountain, have been purchasing lots and putting up homes, he said.
The newest subdivision to be created is at the end of Echo Valley Drive and will eventually have close to 40 lots. Called Stage 10, it will be developed in three phases, starting with 12 lots in the first stage. Lots will be between 5,800 and 7,000 square feet and sell for about $250,000, Selbee said. Prices have not yet been set. Lots are expected to go on the market in February.
Canadian Horizons first started developing Nicklaus Ridge, or Stage 12, with 36 lots. So far, 22 lots have sold. Many have panoramic views of Saanich and Mount Baker. Lots in this area are about 7,000 to 8,000 square feet and cost in the range of $300,000, he said.
The company has seven of 10 lots remaining at Compass Pointe Place, where the high elevation sites run from $350,000 to $800,000, Selbee said.
Next on the development agenda is Stage 13, which will have about 29 lots. So far, 13 sites have been created and are ready for sale.
