Colwood development announces $1.2B construction plan
Two Vancouver-based development companies have announced their 15-year masterplan for developing the Royal Beach area of Colwood, B.C.
The 135-acre site will be home to approximately 2,850 homes, retail space, and commercial space over the next decade-and-a-half, according to developers Seacliff Properties and Reliance Properties.
The homes will include a mix of single-family houses, townhouses, and apartments.
The $1.2-billion masterplan also includes 47 acres of green space, some of which will be public parks with ocean views, according to developers.
The Royal Beach site was home to a rock and gravel quarry until 2008.
The site was purchased by Seacliff Properties in 2017, and since then the company has worked on planning and public consultations to have the project approved.
"Residential and commercial construction are significant contributors to employment with a ripple effect across the community," said Jon Stovell, CEO and president of Reliance Properties, in a release Monday.
"As each phase completes, Royal Beach will bring hundreds of new residents and workers to Colwood who will create millions of dollars in economic benefits for local businesses for the lifetime of those businesses."
Details on when each phase of the project will be complete and open for tenants were not announced Monday, though developers say the "first signs of development" will begin this spring.
Colwood Mayor Rob Martin says the development is exciting news for the community.
"Make no mistake, Colwood is on the map and that’s why notable organizations are making long-term commitments here," said he said Monday.
"In addition to Royal BC Museum, Island Health, Seaspan and many others, Seacliff and Reliance’s investment of $1.2 billion will go a long way to helping grow our local economy."
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