Pension fund sell off won’t affect Royal Bay development plans

GableCraft, SeaCliff purchase land

In a significant divestiture of ownership, the British Columbia Investment Management Corp. (bcIMC) has sold off land at the Royal Bay development in Colwood.

Lance Floer, speaking on behalf of GableCraft Homes, explained Tuesday that bcIMC had sold all of the lands west of Metchosin Road to GableCraft, and that all the lands between Metchosin Road and the water was sold to the Sea Cliff Properties.

The bcIMC is the public sector pension fund for British Columbia with more than 84 per cent of its holdings arising from the public service pension plans in B.C. It handles international investments worth in excess of $125 billion on behalf of more than half a million active and retired public sector employees.

The 419 acre property was first purchased by bcIMC in 2012 from Lehigh Heidelberg and was part of the Producers Pit gravel operation that had been a fixture in the community for nearly a century.

Speaking on behalf of QuadReal, Ian Noble of Edelman Vancouver said that QuadReal was established in 2016 to manage and expand bcIMC’s domestic and global real estate holdings. He said that the investment strategy of QuadReal had evolved since its inception and that the core focus of new development “is now on investing in industrial, high-density residential, office and retail asset classes in major urban centres.”

He confirmed that it was this shift in priorities that led to the firm’s sale of the Royal Bay properties in December.

The Royal Bay project is designed to increase the availability of housing in Colwood and has been touted as the largest single housing development in Colwood’s history.

The project includes 1.4 kilometres of oceanfront properties and, when completed, is planned to include more than 2,300 houses and a significant commercial component when it was under the control of Royal Bay LP, a wholly owned subsidiary of bcIMC.

The project will include a series of inter-connected communities that will house approximately 7,000 people and, as planned, will include extensive recreational components, including parkland, wood and water features and public access to the waterfront.

Floer confirmed that the project is continuing and will span a period of about 10 years in a phased approach.

“This is a fantastic project, and regardless of any changes in ownership, the plan is still solid and will be a tremendous boon to Colwood.”


Like us on Facebook and follow us on Twitter

editor@goldstreamgazette.com

Just Posted

Help West Shore residents spring out of hunger

Fundraiser collecting food for Goldstream Food Bank

Woman allegedly groped at Langford Canadian Tire

West Shore RCMP looking for a suspect

Shamrocks have their eye on another Mann Cup

Home opener kicks off the season this Friday in Colwood

Metchosin moves to regulate short-term vacation rentals

Airbnb operators could be required to have a business licence

VIDEO: Campers leave big mess at rural Port Renfrew campsite

Vehicle parts, garbage, a mattress, lawn chairs, beer cans, and even fecal matter left in the area

Research needed on impact of microplastics on B.C. shellfish industry: study

SFU’s department of biological sciences recommends deeper look into shellfish ingesting microbeads

Singh sides with B.C. in hornet’s nest of pipeline politics for the NDP

Singh had called for a more thorough environmental review process on the proposal

VIDEO: B.C. woman gets up-close view of Royal wedding

Kelly Samra won a trip back to her home country to see Prince Harry and Meghan Markle say ‘I do’

Single vehicle hits pole in Saanich on Highway 17

A single vehicle collision caused some minor traffic delays southbound on Highway… Continue reading

30 C in B.C., 30 cm of snow expected for eastern Canada

It might be hot in B.C., but the rest of Canada still dealing with cold

Horgan defends fight to both retain and restrict Alberta oil imports

Alberta says pipeline bottlenecks are kneecapping the industry, costing millions of dollars a day

B.C. Transit shows off NextRide bus technology

New technology allows for real-time tracking, to be rolled out through early 2019

Police release video on how to ‘run, hide, fight’ if there’s an active shooter

Vancouver police offer video with input from E-Comm, BC EHS, Vancouver Fire and Rescue

Most Read