The court-ordered sale of land envisioned as the primary access to the Squamish Oceanfront development won't impact the project's future, said politicians.
This week, real estate service Colliers International publicized the mandated sale of Westmana Development Corp.'s 1.77-acre site at the end of Cleveland Avenue. Although no formal agreement was reached between Westmana and the District of Squamish, municipal officials envision a portion of downtown property, which includes part of Cattermole Slough, as the transportation route to the tip of the peninsula.
Sale of the land, which is being offered for $3.28 million, to a different owner won't change those plans, Coun. Doug Race said. The district has a right-of-way on the property and by rezoning the land from industrial use to residential use, details can be worked out, he said.
When [the new owner] comes to the district for rezoning, that is the kind of thing that would be obtained in the application, Race said, noting that as such, he sees no benefit in the district purchasing the lot.
The sale of the property could positively affect Oceanfront plans, he added.
A new owner will come in there and hopefully have the energy and resources to start some development going, Race said.
Mayor Rob Kirkham shared a similar sentiment. The district looks forward to working with the firm who secures the transaction to ensure the [Oceanfront] plan comes to fruition, he wrote in an email to The Chief.
The lot was on the market before the foreclosure, Colliers International real estate agent Manjit Claire said. Although there are many for sale signs in Squamish, there is buyer interest in the site, he said.
Willie Kwun, one of the founders of Westmana, did not return a request for an interview. The corporation first came to Squamish in 1996 to build the Virescence townhouse/duplex development on Mamquam Road. Westmana also constructed the Spectacle at Highland Village.
In June 2006, Westmana bought the International Forest Products' land holdings along the downtown side of the Mamquam Blind Channel. Westmana designated the property for a 1,300-unit housing project, a proposal that never got off the ground.
In 2010, Westmana principal David Rene told The Chief rezoning delays had taken so long that he was ready to throw in the towel. The company invested a significant amount of money during a seven-year planning period, he said.
At the time, David warned that nixing the proposal could create problems for the entire Oceanfront project because of the needed road access through the lot currently up for grabs. Then-mayor Greg Gardner disagreed.
The District of Squamish plans the community. Developers don't determine land uses like transportation, he told The Chief.
On Sept. 13, 2010, Bancorp Growth Mortgage Fund Ltd. filed a petition against Mamquam Ocean Channel Developments Ltd., Aldex Canada Enterprises Ltd., Aldex Co. Ltd., Westmana Oceanfront Properties Ltd., Rene David, Willie Kwun and Parkes and Company Appraisals Ltd.
On June 14, 2011, letters demanding payment of the mortgage of property along the Blind Channel were sent to the parties, all whom failed to pay, according to the Supreme Court of British Columbia filing. As of August,2010, the total amount due under the mortgage, the security agreement, the assignment of contracts and the covenanter agreement was $2,731,525.05, including interest.
