Qualex-Landmark has walked away from Squamish, but another major developer who is already heavily invested in the local waterfront says it could be interested in partnering with the Squamish Oceanfront Development Corporation (SODC).
But before then, Westmana Development Corporation wants more clarity on the District of Squamish's position on the company's existing downtown developments - developments they say have been held up by the joint venture process which came to a halt last Thursday (Oct. 19) when Qualex-Landmark pulled out of its joint venture with SODC.
Westmana, a Vancouver-based company that has built several residential and commercial complexes in Squamish and owns land for more projects, is asking for a meeting with Squamish Mayor Ian Sutherland and council to discuss its own plans in the waterfront area, company principal Rene David told The Chief on Tuesday (Oct. 24).
While the main purpose of the meeting is to get more clarity on its own extensive waterfront holdings along the Mamquam Blind Channel, David said Westmana would be interested "as a main landholder of the peninsula" and give a large portion back in parks and industrial lands.
"I would encourage more of a market-driven deal where the city has land payments up front and of course that land purchase amount has a greater present value than any profit they would be promised in the future," he said.
David also stated that Westmana would be interested in moving forward if a master plan was in place before partnering.
"I think we've been one of the biggest fans of Squamish for almost a decade," he said. "Why would they not consider us as a partner on at least planning a portion of their lands jointly?"
Westmana first came to Squamish in 1996 to develop what is now the Virescence townhouse/duplex complex on Mamquam Road. Since that time, Westmana has also developed the Spectacle at Highland Village project in the Garibaldi Estates and has several active projects in the area.
Most notably, in June of this year Westmana bought International Forest Products' land holdings along the downtown side of the Mamquam Blind Channel and announced its intent to build more than 1,300 housing units on the site, along with a waterfront boardwalk and commercial space.
That purchase was conditional on a land exchange between the District of Squamish and BCR Properties that saw the District give over its rights along the BC Rail line downtown in exchange for the rights to Loggers Lane to allow for deep enough lots to develop the waterfront.
But that land swap, announced by the District last month, "didn't happen exactly as it was contemplated" to Westmana, according to David. The exchange was to include Westmana's property south of Vancouver Street. Instead, says David, after Qualex came into the picture as the SODC's joint partner the land swap was changed to stop at Vancouver Street, leaving the fate of Westmana's properties in limbo.
Westmana has proposed two options for access to the lands but has not heard from the District, said David.
"Qualex's decision to move on doesn't necessarily hurt us," said David. "It might slow us down a little bit, but it might provide some more clarity as a result of it."
The company has other pending land purchases in Squamish, but is holding on them at this time in the wake of the Qualex decision. David says other companies may follow suit.
"The development community is very small, and so is the investment community," said David. "All the negatives may not add up to a good level of investment risk.
But Westmana isn't looking to divest itself of its Squamish holdings either, he said.
"There's still more positive in the future of Squamish. We just need to handle this public relations issue immediately by council quickly giving some direction and a cohesive action plan to move development in Squamish a little bit faster.
"I think what Squamish is lacking is a sort of longer-term vision. Not that they have no vision; it's a longer-term vision that will be able to allow them to adapt to good ideas. If they believe the window of opportunity for development is a good one and a long one, it's the wrong message to send to developers and the community.
"They're very encouraging, but once you get in you're in limbo for a while.that creates uncertainty for investment going through.
"It really comes down to the city deciding, providing direction," he said. "The city council have a big burden on them right now to take the information and provide some direction."
Mayor Sutherland confirmed that the District had been talking to Westmana about doing a joint master plan for the entire downtown area, including Westmana's property.
"That kind of went by the boards as of last week, and we have to respect the fact that Rene has that property and we have to let him move forward," said Sutherland.
"Rene hasn't owned that property all that long, about eight months now. We definitely wanted to try to go forward with a master plan for the entire area and I think Westmana supported that idea. But now that the joint venture has gone by the waysidewe can't make Rene wait six or eight months while we decide what to do next."
When asked about Westmana as a new joint venture partner, Sutherland said: "Based on what council did last week I don't think council has that appetite. I mean, for better or for worse council said they want to do this on their own, so I can't imagine why we would say 'no' to Qualex and 'yes' to Westmana or anybody else."
