Richard Rolke - Vernon Morning Star Published: November 03, 2009 7:00 PM
Big plans could be in the works if a multi-million-dollar property changes hands. A Hong Kong investment firm has a signed offer to purchase The Rise. And with most subjects removed, the only remaining step is court approval. “It’s very exciting,” said Scott Davidson, a Vernon realtor with Century 21 who worked on behalf of the purchaser. “They see opportunities in the Okanagan.” The purchase price is not being disclosed at this time and if court approval is granted, it’s anticipated ownership could shift in 120 days. The 735-acre property was listed for sale in October 2008 and later that year, The Rise was awarded protection from its lenders and creditors by the Supreme Court of B.C. “They haven’t decided if they will change the name but they will take the golf resort to the next level and move ahead with the residential lots,” said Bill Hubbard, co-owner of Century 21 Executives Realty.
Hubbard believes the purchase could be a positive step for contractors involved in the development. “All lien holders will get paid because he wants to use all of the contractors as he moves forward,” said Hubbard of the investment company’s local liaison. The Hong Kong company originally bid for the property in February, and another business had an accepted offer to purchase in August. “There were two competing groups,” said Marshall MacLeod, with CB Richard Ellis, a Vancouver real estate company working for The Rise. Despite the recession, MacLeod isn’t surprised that there was such interest in the property. “The resort market has been slower but The Rise is a good asset and people recognize the long-term value,” he said. “The Okanagan is a desirable area and it has surpassed Vancouver Island as the retirement centre of Canada. There is always the potential for a new client stream.” A date has not been set for the court to consider the purchase offer.
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