Economy behind sale of project (The Rise is up for sale)

Marty Hope, Calgary Herald Published: Saturday, November 08

Changing economic conditions are behind a decision to put a 290-hectare vineyard/golf course resort in Vernon, B.C. up for sale, says a developer. Okanagan Hills Development Corp. has announced that The Rise is up for sale. Launched in 2005, the project includes some residential development, an 18-hole Fred Couples signature golf course, and seven hectares of vineyards.

It is being offered for sale by the Vancouver office of CB Richard Ellis Ltd. "We listed The Rise on Oct. 20 and are getting several enquiries," says Marshall MacLeod, senior sales associate for the Ellis land services group. "We feel there will be a significant level of interest." The Rise will be marketed as unpriced, he says, adding that marketing materials are currently being put together and will be ready in two weeks. Leona Snyder, president and chief executive officer of OHDC, says the decision to sell marks a change in strategy for the company. With the continuing global financial crisis and the economic slowdown affecting real estate in B.C., the company has decided to focus on bulk land sales."We have established new neighbourhoods, created vineyards and completed construction of the golf course and supporting infrastructure," says Snyder. "We have added significant value to the property and created a destination resort that will continue to draw visitors and home buyers to Vernon -- now it's time for someone else to pick up the torch."

The latest addition to the residential aspect of the upscale, four-season resort came in August with the announcement that 18 vineyard home sites in the Belago phase were being released. It was the final phase of single-family housing lots on the south-facing slope of the hillside development. Also during the summer, Couples was joined by Calgary Flames captain Jarome Iginla to officially open the golf course with a charity tournament. Overlooking Okanagan Lake, The Rise is located less than four kilometres west of Vernon. "The vision of The Rise as Okanagan's premier golf and wine resort still burns bright and the resort sale will be a remarkable opportunity for the right company," says Snyder. "There will always be a market for a four-season resort that offers the best of what the Okanagan has to offer."