Morning Star Published: May 30, 2009 12:00 PM
A Vernon resort has accelerated attempts to overcome financial challenges. The Rise continues to seek a purchaser, and a liquidation sale for the existing real estate inventory will be held in June. “With the financial situation the developer is in at The Rise, now is the time for great deals,” said Greg Lowe, president of Land Launch Project Marketing, which will oversee liquidation of lots. In October, the 735-acre Rise development was listed for sale at an undisclosed price with CB Richard Ellis in Vancouver. “We have a number of qualified buyers seriously considering the opportunity to acquire The Rise,” said Marshall MacLeod, the realtor involved. MacLeod expects to have a contract to purchase the property in place within the next 30 days. In December, The Rise was awarded protection from its lenders and creditors by the Supreme Court of B.C. using the Companies Creditors Arrangement Act for a period of nine months. The developer is currently operating the resort and the completed golf course while it works through its financial issues. More than $14 million has been invested on the golf course and a total of $105 million in the resort community to date.
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