Buyer on The Rise

Published: March 05, 2009 6:00 PM Richard Rolke - Vernon Morning Star

Little is known about the potential purchaser of a high-profile resort property in Vernon. The owners of The Rise are in negotiations with a party interested in acquiring the 735-acre site in the Bella Vista area. “We have an accepted offer but until there is a final agreement, I can’t say too much,” said Marshall MacLeod, senior sales associate with Vancouver-based CB Richard Ellis, which is looking after the listing. MacLeod would not respond to questions about how long the negotiations have been taking place and where the prospective party is from. However, he did say that there have been a number of inquiries since the property was placed on the market in November. “There has been interest from both sides of the border and that interest continues,” said MacLeod. Depending on how discussions proceed, MacLeod says a final agreement could be possible in April. According to the CB Richard Ellis website, the listing includes a 735-acre resort with low-density residential uses, resort commercial uses, a network of parks and trails and a championship golf course. The asking price is currently not being disclosed. In November, officials with The Rise indicated that the property was being sold because of the global financial crisis and the economic slowdown affecting the housing market.