Matthews said over the past 18 months the development has added the 50-home Cypress Mews neighbourhood, 15 executive single-family homes in its Riviera neighbourhood, the 39-lot Pinehurst development is coming out of the ground, while new signage has just gone up promising a 30-home neighbourhood called Shadow Creek that will overlook the resort’s mountain golf course.
The company is drawing up plans for what could be a 180-unit development at the top of the mountain to be called Victoria Peak.
“We’ve been very active,” said Matthews, who noted they also signed on two condo developers to establish an 18-storey, multi-family tower on the site.
Matthews said with new infrastructure improvements such as the McKenzie Interchange and Bear Mountain Parkway, accessed via the Leigh Road/McCallum intersection off the Trans-Canada Highway, the resort is better connected to the Victoria core and has become more of a bedroom community.
He said with people having the desire to be closer to nature, they are also more open to living in a 750-acre resort setting that is still just 15 minutes from downtown Victoria.
“This is a large property, but you only sell it once,” he said. “So, we took a pause on development in the early stages, waiting for some of the primary on-site and off-site infrastructure to be built, recognizing that once that was done values would be better.”
It seems to have paid off with many of the lots on the resort’s largest land parcels being quickly snapped up by builders.
It’s the next push in the resort’s evolution.
Matthews estimates Bear Mountain, which has about 3,500 residents, is about one third of the way to being built out. The expectation is there will be about 10,000 people living in the area in the next 10 years.
Edited by Victoria Watcher, 15 June 2021 - 05:12 AM.