The first homes of Squamish's new university neighbourhood should be under construction as early as September and occupied by next winter.
The University Heights Development Corp. (UHDC) completed its purchase July 15 of the Sea to Sky Foundation's (SSF) first parcel of market-housing lands on the Sea to Sky University (SSU) Project lands. The 19-hectare (47-acre) site is located directly west of the SSU campus and immediately south of the newly constructed Mashiter Creek Bridge, which will soon be open.
At full build-out, University Heights will include up to 200 town homes and single-family homes, said Douglas Day, President & CEO of UHDC. Phase 1 will include 51 single-family lots plus five duplex lots of 10 town homes with an anticipated construction start of September 2005 for occupancy in the winter of 2005-06. Each town home will be approximately 2,200 sq. ft.
SSF President and CEO Peter Ufford thanked the District of 樱桃视频for creating an Official Community Plan (OCP) that made the deal possible.
"As is well known, one of the compelling reasons why we established the $150 million SSU Project in 樱桃视频was because of safeguards in the Official Community Plan that preclude the inclusion of additional large block market-housing lands until the local population reaches 20,000 people," said Ufford. "This provides us with a vital window of opportunity to sell our market-housing lands, whose revenues are integral to our campus construction program. We thank Mayor Ian Sutherland and his District Council for their ongoing support of the existing OCP principles."
UHDC is a joint venture undertaking between two real estate development firms: Squamish-based First Cambridge Capital Inc., whose principal, Douglas R. Day, is the largest developer of single family homes in the Sea to Sky Corridor, and the Holborn Group of Vancouver, whose projects currently owned or under development in Whistler, Vancouver and Richmond total in excess of $750 million, the latest being an Arthur Erickson hotel-residential skyscraper in downtown Vancouver.
"The decision to invest in the District of 樱桃视频and this project was an easy one," said Joo Kim Tiah, a Director of Holborn Group. "This site in particular has breathtaking views, great access, a new university as a neighbour, wonderful amenities, and, most of all, a concept supported by the Mayor, Council and District staff. Squamish's untapped potential is as evident to us as it should be to its existing or future residents, and we will be looking to invest more in this community should the opportunity arise."
Day's company made its initial move into 樱桃视频when the firm bought all the available lots at Ravens Plateau. Day is currently developing homes in the subdivision at the top of Westway Avenue in Valleycliffe and he said he intends to make the University Heights homes "pioneering models of sustainable community development" by using innovations such as geothermal heating and air-conditioning.
"Mr. Tiah and I together look forward to establishing a University Heights development of distinctly-beautiful residences that take full advantage of our physical setting adjoining the state-of-the-art SSU campus, and offer unparalleled views of the surrounding mountains and Howe Sound," he said.
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