Wednesday, October 05, 2016

Vernon development property listed for $24 million

by Richard Rolke - Vernon Morning Star Vernon posted Oct 5, 2016 at 10:00 AM
A major chunk of Vernon real estate has gone on the market for $24 million. The current owners of 543 acres at The Rise on Tronson Road have put the site up for sale. “They are (Calgary) investors but they are not developers so it’s time to dispose of the property,” said Marshall MacLeod, associate vice-president of Colliers International in Vancouver. The sale is not for the golf course but only those lands designed for residential and commercial development. The property is comprised of low-medium-density residential uses, commercial activities, a winery and parks. The lands are zoned, with 290 acres pre-planned for development. Increased demand for real estate locally has fuelled the listing now. “With people starting to look at the Okanagan, it’s a good time to present it,” said MacLeod. The main targets will be developers from B.C. and Alberta, but international buyers could also be sought. MacLeod will focus on the property’s amenities and proximity to Silver Star Mountain. “There is a great golf course there and great views,” he said. “It will take a little time to sell but there will be interest. It’s a good time for it to be on the market.” More than 200 people currently call The Rise home.

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