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
opinion Why you should protect your investments by naming a trusted contact person
Appointing a trusted person to help with financial obligations can give you peace of mind. In his personal finance column for CTVNews.ca, Christopher Liew outlines the key benefits of naming a confidant to take over your financial responsibilities, if the need ever arises.
Widow looking for answers after Quebec man dies in Texas Ironman competition
The widow of a Quebec man who died competing in an Ironman competition is looking for answers.
Tom Mulcair: Park littered with trash after 'pilot project' is perfect symbol of Trudeau governance
Former NDP leader Tom Mulcair says that what's happening now in a trash-littered federal park in Quebec is a perfect metaphor for how the Trudeau government runs things.
World seeing near breakdown of international law amid wars in Gaza and Ukraine, Amnesty says
The world is seeing a near breakdown of international law amid flagrant rule-breaking in Gaza and Ukraine, multiplying armed conflicts, the rise of authoritarianism and huge rights violations in Sudan, Ethiopia and Myanmar, Amnesty International warned Wednesday as it published its annual report.
Photographer alleges he was forced to watch Megan Thee Stallion have sex and was unfairly fired
A photographer who worked for Megan Thee Stallion said in a lawsuit filed Tuesday that he was forced to watch her have sex, was unfairly fired soon after and was abused as her employee.
Amid concerns over 'collateral damage' Trudeau, Freeland defend capital gains tax change
Facing pushback from physicians and businesspeople over the coming increase to the capital gains inclusion rate, Prime Minister Justin Trudeau and his deputy Chrystia Freeland are standing by their plan to target Canada's highest earners.
U.S. Senate passes bill forcing TikTok's parent company to sell or face ban, sends to Biden for signature
The Senate passed legislation Tuesday that would force TikTok's China-based parent company to sell the social media platform under the threat of a ban, a contentious move by U.S. lawmakers that's expected to face legal challenges.
Wildfire southwest of Peace River spurs evacuation order
People living near a wildfire burning about 15 kilometres southwest of Peace River are being told to evacuate their homes.
U.S. Senate overwhelmingly passes aid for Ukraine, Israel and Taiwan with big bipartisan vote
The U.S. Senate has passed US$95 billion in war aid to Ukraine, Israel and Taiwan, sending the legislation to President Joe Biden after months of delays and contentious debate over how involved the United States should be in foreign wars.