Bear MountainB次元官网网址檚 hibernation is over. The renewed resort and real estate company is launching its first property development project since it collapsed under a mountain of debt two years ago.
Bear Mountain Land Holdings, owned by HSBC Bank, will start relatively small and prepare 12 single-family lots for sale within a month, and possibly 60 more lots if the market responds.
Under ousted former CEO Len Barrie, Bear MountainB次元官网网址檚 property development arm had built more than a thousand condos in high-density buildings between golf course fairways. Marking a distinct departure from that thinking, the new owners are downshifting to more single family home neighbourhoods, and far fewer condos.
B次元官网网址淭he future development plan for Bear Mountain is lower density neighbourhoods,B次元官网网址� said Gary Cowan, CEO of Bear Mountain. B次元官网网址淲e see this as less a resort-centric development, and one more encompassing lower density and that capitalizes on the outdoor recreation opportunities on Bear Mountain.B次元官网网址�
For the first project, called the Hedgestone, the company will prepare and service 12 lots on Hedgestone Place, next to the Mountain course 18th fairway. Similar to previous single family lot development, contractors would build and sell the homes independent of the Bear Mountain itself.
B次元官网网址淲e are excited to start working with the building community again and to get activity happening on Bear Mountain,B次元官网网址� Cowan said. B次元官网网址淚tB次元官网网址檚 good for Langford and for everybody up here. Getting real estate going is the next step to revitalize Bear Mountain.B次元官网网址�
The real estate arm of Bear Mountain will also prepare another 20 housing lots and then 40 lots in a phased build-out of the B次元官网网址淯pper HedgestoneB次元官网网址� which is on treed property between the 9th and 17th fairways of the Mountain course.
That will require a significant redesign of the course B次元官网网址� the short 10th hole will be consumed by the development. Fortuitously, the unusual 19-hole links will easily shift to a standard 18. The Jack Nicklaus golf course design company that created the Mountain and Valley courses has approved of the alterations, Cowan said, which includes shortening the 9th hole.
B次元官网网址淲e are not changing (the golf course) casually,B次元官网网址� he said. B次元官网网址淲e worked with Nicklaus Design to maintain the integrity and quality of the course.B次元官网网址�
On the north side of the 18th fairway, a long-idle crane looms over the concrete shell of the unrealized Highlander tower, halted after six storeys. Cowan said Bear Mountain is working toward creating two separate condo buildings on top of the existing structure, each four to six stories, about 150 units in total. When that project would proceed isnB次元官网网址檛 set.
Cowan admits building atop the shell of the Highlander is an unusual concept, but said utilizing the existing structure makes economic sense. B次元官网网址淭here was a significant amount of money put into that project and we want to capitalize on the opportunity, rather than destroy it.B次元官网网址�
For the broader 500-hectare property, Bear Mountain plans to apply for rezoning with Langford to allow lower density neighbourhoods spread over more land, which would reduce the amount of greenspace and forest under the existing development plan.
B次元官网网址淲e are in a process of revising all development plans at Bear Mountain to reflect lower density neighbourhoods,B次元官网网址� Cowan said. B次元官网网址淯nder the existing zoning 90 per cent is multi-family B次元官网网址�- highrise, high risk sites.
B次元官网网址淲e think there is pent up demand for single family lots on Bear Mountain. We are doing this in phases and wonB次元官网网址檛 get ahead of ourselves. WeB次元官网网址檒l invest as the market demand is there.B次元官网网址�
Bear Mountain currently holds about 475 single family homes and about 1,100 condominium units. Under the court-ordered division of assets, Bear Mountain Land Holdings has the right to build an additional 3,250 B次元官网网址渄oorsB次元官网网址� under the current zoning.
B次元官网网址淲e anticipate less than that. We are working on how much less,B次元官网网址� Cowan said. B次元官网网址淲ithin the next nine months weB次元官网网址檒l move forward with an orderly development plan with revised densities.B次元官网网址�
Under the court order, Romspen Mortgage Corp. acquired much of the commerical office and business space on Bear Mountain and CareVest Capital Inc. has rights to several hundred housing lots. Under the previous ownership, Bear Mountain was $300 million in debt before HSBC Bank initiated the creditor protection court action.
CEO of Bear Mountain since July 2010, Cowan said its been a long process to create a plan that allows orderly, market-driven property development.
B次元官网网址淚tB次元官网网址檚 been challenging, but now we are getting to the really enjoyable point of moving forward,B次元官网网址� Cowan said. B次元官网网址淲e are really excited to arrive at the first new real estate project since we assumed ownership in 2010.B次元官网网址�
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