The Rise searching for new owner

By Richard Rolke - Vernon Morning Star Published: November 11, 2008

A major resort development in Vernon is on the market. The Rise — including its Fred Couples signature golf course, vineyards and beach club — has been listed for sale through Vancouver-based CB Richard Ellis Ltd. “It’s just time,” said Leona Snider, president of Okanagan Hills Development Corporation, which owns the 735-acre resort. The primary reason for pursuing the sale is the global financial crisis and the economic slowdown affecting sales. “It’s a factor. It’s part of the decision for sure,” said Snider of the downturn in the economy. But Snider dispels rumours that The Rise is in financial trouble. “We have issues but we are not in receivership or bankruptcy. Are we challenged like everyone else in these economic times? Yes,” she said.

Mayor Wayne Lippert is aware that The Rise is for sale and he is watching for any potential impacts for the city. “It’s always a concern when there is a change in the community but hopefully whoever purchases the property will work with us,” he said. “We want to make sure the principles of the plan are followed through with.” The city has been assured that construction will not halt as a new owner is sought. “We understand they will continue to sell lots and carry on. It’s not closing down. The property is just for sale,” said Lippert. Snider, though, says construction could be “put back a bit” because of economic conditions. Snider has owned the Bella Vista property for 18 years and the concept of the resort was first presented to the public in 2003. Considerable debate arose as some residents expressed concern about the scope of the development and the potential impact on the environment. Ultimately, city council approved the project and construction began in 2005.

It was just in August that The Rise announced the limited release of 18 vineyard home sites for the new Belago neighbourhood. With prices starting at $399,900, Belago was the final phase of single-family lots on the south-facing slope. Snider says she is proud of what has been achieved, including new neighbourhoods, the golf course and vineyards. “The project is amazing and I’m pleased with where it’s at. I’m pleased it’s in Vernon and it makes a difference for Vernon. I did my best,” she said. A representative with CB Richard Ellis is confident The Rise will prove popular on the real estate market. “The properties we put out (for sale) go international and several clients are looking to acquire these kinds of properties,” Marshall MacLeod, senior sales associate, told The Morning Star.“We’ve had several inquiries even prior to the marketing brochures going out.” Snider also believes there will be considerable interest in the development.“It’s one of the few resorts that has everything,” she said.No details on the listing price for The Rise are being revealed.