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."
CTVNews.ca Top Stories
Video shows suspect setting Toronto-area barbershop on fire
Video of a suspect lighting a Richmond Hill barbershop on fire earlier this week has been released by police.
'I have the will to live': N.B. woman needs double lung transplant
A New Brunswick woman suffering from sarcoidosis, a disease that limits your lung capacity, is in need of a double lung transplant.
The kids from 'Mrs. Doubtfire are all SUPER grown up now, and we're not OK
The adorable trio of child actors from the 1993 classic comedy 'Mrs. Doubtfire,' which starred the late and great Robin Williams, are all grown up and looking back on their seminal time together.
Police officer hit by driver of fleeing vehicle in Toronto
York Regional Police say they are continuing to search for a suspect in an auto theft investigation who was captured on video running over a police officer in Toronto last month.
Boeing is on the verge of launching astronauts aboard new capsule, the newest entry to space travel
It’s the first flight of Boeing’s Starliner capsule with a crew on board, a pair of NASA pilots who will check out the spacecraft during the test drive and a weeklong stay at the space station.
Britney Spears 'home and safe' after paramedics responded to an incident at the Chateau Marmont, source tells CNN
A source close to singer Britney Spears tells CNN that the pop star is 'home and safe' after she had a 'major fight' with her boyfriend on Wednesday night at the Chateau Marmont in West Hollywood.
Suter scores late goal, clinches series for Canucks
Pius Suter scored with 1:39 left and the Vancouver Canucks advanced to the second round of the NHL playoffs with a 1-0 victory over the Nashville Predators on Friday night in Game 6.
A Chinese driver is praised for helping reduce casualties in a highway collapse that killed 48
A Chinese truck driver was praised in local media Saturday for parking his vehicle across a highway and preventing more cars from tumbling down a slope after a section of the road in the country's mountainous south collapsed and killed at least 48 people.
TD worst-case scenario more likely after drug money laundering allegations: analyst
TD Bank Group could be hit with more severe penalties than previously expected, says a banking analyst after a report that the investigation it faces in the U.S. is tied to laundering illicit fentanyl profits.