Resort to acquire new development land

Only two lots remain for sale on Lookout Ridge.

Sun Peaks Resort LLP (SPR) is nearing the bottom of the barrel of its currently owned development properties. Real estate manager for SPR, Peter Nixon, confirmed only two single home developer lots remain for sale on Lookout Ridge by the company, as well as a few condos in the Sun Peaks Grand Residences.

“I’m expecting that by the fall we’ll have the last two lots sold that we own. It’s hard to say with the Residences because of the type of ownership they are, but I’m hoping within the next few years we’d see some of them moved out,” Nixon said.

The Residence condos are fractional ownership properties, mostly in a quarter ownership model.

Selling property has been a strong economic driver for SPR, and brings in more than the immediate profit made upon selling.

“We obviously make money on the sale and servicing, but people build houses, condos and hotels which also house new businesses. Down the road, all the beds these sales create lead to more growth in the area.”

Running out of development land doesn’t mean that growth at the resort is slowing, as Nixon and SPR will be analyzing undeveloped lands included in the master development agreement with the province and making recommendations to SPR’s board on the next required steps.

“There are more projects on the horizon, and we’ll be getting started on some of the leg work soon to have a presentation to the board prepared for the fall,” said Nixon.
“We’re only about a third of the way through the master plan of development, so we still have a lot to do.”

The lift and development company also sees access towards the east side of Sun Peaks and the McGillivray Lake Forestry Road connecting to the Shuswap as a high priority.
“Eventually, we’d like to see BC Hydro run a line from that way so we can have redundancy. We are going to outgrow the need for one powerline into the village, it’s just a matter
of when.”

 

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