Okanagan resort projects undergo a renaissance

Modular luxury

Calgary-based Horizon North Logistics Inc. describes itself as “a remote resource development service company that provides workforce accommodation solutions, camp management and catering services, and road and access matting solutions.”

It made local headlines this past September when the Vancouver Affordable Housing Agency chose it to build temporary housing units at 1500 Main Street.

But it’s also been contracted to develop upscale residences at Tobiano, the golf-oriented resort near Kamloops that launched in December 2005 with visions of 1,100 homes, 450 hotel units, a golf course and other amenities.

The project stalled during the downturn of 2008 and entered receivership in 2011 owing $26 million to BMO Financial Group.

The original developer, Pagebrook Inc. – a venture of Michael Grenier, now a candidate for the BC Liberal nomination in Kamloops-South Thompson – lost control of Tobiano to Kamlands Holdings Ltd.

Bruker Developments Ltd. acquired the project’s marina while investors John Preston of Florida and Henry Bereznicki of Edmonton acquired Tobiano Golf Course.

Horizon North hopes to begin construction on a 17-unit lodge overlooking the golf course, The Views at Tobiano, in spring 2017. The units will be 900 to 1,000 square feet, with two bedrooms and two bathrooms. They’re strata-titled and eligible for placement in a vacation rental pool.

On The Rise

Another Okanagan project that stalled during the Great Recession is also showing signs of revival.

Two years ago, Calgary builder Ken Renton of Kidco Construction Ltd. bought the golf course at The Rise near Vernon. Renton recently acquired an additional 25 acres from The Rise Developments Ltd. to build a new clubhouse.

Leona Snider, who acquired the former ranch property in 1989 and drafted development plans in the early 2000s, retains the vineyard that was to supply an on-site winery, but the project’s Alberta-based investors have retained Marshall MacLeod of Colliers International in Vancouver to market the remaining development lands.

Originally slated for 1,200 residential units as well as the golf course, winery, a hotel and other amenities, The Rise has just 56 units completed. The current offering totals 518 acres, of which 290 acres are zoned for 988 units in line with the existing development agreements.

MacLeod said interest has been good, particularly from developers in Alberta seeking alternatives to their home market. The Rise, which attracted strong interest from Alberta when it initially launched, fits the bill.

Taking off

Mark Lester is senior vice-president of unique properties at Colliers International in Vancouver, and the company’s listing of a 6.2-acre water lot adjacent to the Vancouver Convention Centre is definitely unique.

Vancouver Harbour Flight Centre LP, a venture of the Ledcor and Clarke groups, is selling the lot, which has all the necessary documentation and approvals needed for a marina development.

“We don’t have an asking price because the tenure is not typical,” Lester said. “We will be looking to proponents to work with us to determine the transaction structure that best works for both parties.”