District of Squamish has finalised the sale of the oceanfront lands and set the closing date of February 3, 2016, it announced today in a press release today. Development of the oceanfront multi-use community will commence this year with the main peninsula road followed by initial work on the oceanfront park.
“This is a monumental milestone for our community and signifies the beginning of a new chapter in the realization of a community dream,” says District of Squamish Mayor Patricia Heintzman.
“Through all the chapters of this epic tale, there are so many people who were instrumental in getting us to today. But this dream started with the community’s vision, and that vision has been the driving force, keeping the dream alive and keeping us focused on the end goal since 2004.”
The land has been sold to Newport Beach Developments Limited Partnership, a partnership between local development company Bethel Lands Corporation, and Texas-headquartered Matthews Southwest whose roots began as a family business in Ontario.
The lands have been exchanged for a complete package which includes $15 million in cash, plus construction of the oceanfront park estimated conservatively at $10 million, a wind sports beach, two boat launch areas, a sailing centre, a waterfront public walkway on the entire perimeter, a lands’ end monument, community open space, pedestrian and greenway connections, and a public art contribution of $150,000.
The community-derived sub area plan envisions mixed-use development on the peninsula that will aim to provide total direct employment of more than 2,300 jobs at build out. In addition to the public recreation areas, the area envisions opportunities for light marine industry, an educational complex, as well as commercial, retail and restaurant space, setting it apart from purely residential developments.
“The purchase of the Squamish oceanfront lands begins a new chapter for residents; one that Newport Beach Developments is honoured to be a part of,” said Michael Hutchison of Newport Beach Developments.
“We are eager to begin this unique opportunity of constructing a development that will impact the community of Squamish in a monumental way. Working together with community groups, local trades and business, we will achieve the community’s vision for a place where people work, live and play in the heart of the Sea to Sky corridor.”
Investment required for flood protection of the peninsula and final contamination remediation add to the value provided by the developer. The complete build-out of the oceanfront sub area plan is estimated to take 20 years. The oceanfront park will be delivered as an initial priority, which will be completed prior to the developer moving forward with occupation of any residential property.
“I am absolutely inspired and energized by the opportunities that are knocking on our door now that development is set to begin,” continues Heintzman.
View the Oceanfront Marketing Video<http://