Nanoose Bay mega property Fairwinds is for sale, less than three months after plans for a $2.3 billion development in the area received final approval.
Victoria-based property owner B.C. Investment Management Corporation confirmed the intention to sell Fairwinds in an email to the Daily News on Friday.
The resort community includes the Fairwinds Golf Club, Schooner Cove Marina, a fitness centre, more than 750 homes and approved plans to construct up to 2,000 more in phases.
Previous estimates have predicted that the development plans could bring more than 10,000 people to Nanoose Bay, which had a 2011 population of approximately 5,674.
“As a long-term investor, bcIMC reviews our investments as a normal course of business,” said spokeswoman Gwen-Ann Chittenden in the email. “We act in the best financial interests of our clients and are responsible for growing the long-term financial value of our clients’ funds.”
The Regional District of Nanaimo adopted zoning, utilities and development agreement bylaws for the property’s two neighbourhood plans on July 22.
Nanoose director George Holme said news of bcIMC’s intention to sell came as a surprise. Development plans for the area were “six years in the working.
“What I do want (residents) to know is that nothing has changed,” Holme said. “If it sells, it would just have new owners. If they don’t sell, we’ll just have to wait and see if they’re going to start proceeding on their own.”
Nanoose realtor Karen Kenyon, of Coast Realty, said she hoped the project would move ahead with a new owner.
“I was surprised. I think everyone was surprised,” she said. “It’s nothing we have control over, it’s how business works.”
The phased development agreement for the property was approved for a 20-year term.
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