Richard Rolke - Vernon Morning Star Published: August 25, 2009 7:00 PM
A large Vernon development could be under new ownership later this year.The Morning Star has learned that there is a tentative contract with investors wanting to purchase the 735-acre Rise resort on Bella Vista Road.“We have an accepted offer to purchase,” said Marshall MacLeod, a realtor with CB Richard Ellis in Vancouver.It was in October 2008 that the Rise was listed for sale at an undisclosed price. It includes low-density residential uses, resort commercial uses, a network of parks and trails and a championship golf course, but the winery and vineyard are not for sale.More than $14 million has been spent on the golf course and a total of $105 million in the resort community to date.
MacLeod is revealing little about the potential buyers.“It’s a combination of both U.S. and Canadian parties,” he said.Conditions regarding land titles and other legal issues must now be sorted out and it’s anticipated that the deal could be completed by early December.“We feel quite confident in the deal going through but there is a lot of work with a property this size,” said MacLeod.But this isn’t the first time that there have been potential purchasers waiting in the wings for the resort.In March, it was reported that the owners of The Rise were in negotiations with a party interested in acquiring the site, but no final deal materialized.
Since then, MacLeod says he has been busy handling inquiries.“During the last quarter, there has been significant interest,” he said.“That indicates that the economy is getting better and the big players are looking at opportunities.”In December 2008, 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.
No comments:
Post a Comment