Penticton Herald Staff Saturday, March 7, 2009
Few details are being released about an offer to purchase The Rise, the 293-hectare golf course community under development above Vernon. “We do have an offer on the property, but it‘s not sold yet,” said The Rise‘s developer and CEO, Leona Snider. “I have no further comment.” For the past few months, Marshall MacLeod of Vancouver-based commercial real estate firm CB Richard Ellis has had the listing for The Rise. “Someone has made an offer,” he confirmed on Friday, “but it‘s all confidential information at this point.”
Even the listing on CB Richard Ellis‘ website is vague. The single-page summary identifies the property for sale as The Rise in Vernon, B.C., Canada, but under asking price is “price not disclosed.” When asked what the asking price is, MacLeod told The Okanagan Saturday that “actually, there is no asking price; there is no set price.” Other information gives just a basic outline, including that the resort community is to be comprised of low-density residential uses, resort commercial uses, a working vineyard/retail winery and an integrated network of parks and trails surrounding a championship-calibre golf course.
That 18-hole Fred Couples Signature course opened last summer. About eight hectares of vineyard has already been planted, and some homes have been built. The Rise received a lot of news coverage in 2005 when it was announced as a $1-billion residential golf resort and the biggest development in the Okanagan. Pre-sale for the first releases of building lots were brisk, but then the economic and housing downturn hit last year. It‘s believed the tough times are what prompted Okanagan Hills Development Corp. to put The Rise up for sale.
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