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Media Coverage
Rise Attracts Buyers
Images Credit: Business in Vancouver Rise Attracts Buyers The Rise, a master-planned community touted as a billion-dollar project for Vernon, is also attracting buyers - but whether the number is a good thing or not depends on the kind of buyer being discussed. The developer, Okanagan Hills Development Corporation, received protection from creditors in December 2008 and the last report by court-appointed monitor Abakhan & Associates Inc. filed in B.C. Supreme Court on July 15, 2009, indicates that secured creditors are claiming $65.9 million while unsecured creditors are seeking $9.3 million. To generate sales during the nine-month term of protection from creditors, Okanagan Hills retained Kelowna-based Land Launch Marketing Corp. in May to conduct a "blowout" sale of lots. The campaign has resulted in sale agreements for 11 lost since June 1 of discounts up to 30% each. Since it's launch in 2005, just 200 lots at The Rise have sold - a fraction of those planned for a project that aims to have 1,200 residential units when fully built. With protection from creditors set to expire in September, hopes are high that buyers interested in more than individual lots will come forward. CB Richard Ellis broker Marshall Macleod has the listing for the 735-acre Rise site, which has attracted interest from eight parties - three more than last month. An offer for the site hasn't been made, however. For additional information regarding the project, click on the logo: 
Reprinted from Business in Vancouver 2009 |
