But there are finally signs that investors are waking up to that fact.
The first sign of real recovery is a bid by Cushman & Wakefield to market more than 100 acres of former industrial waterfront.
Squamish Oceanfront Development Corp., an arm's-length company Squamish district council launched in 2004, has contracted the brokerage's Vancouver office to market 60 acres of former industrial land and 44 acres of fee-simple water lots.
"We would consider everything from an outright sale to a joint venture or equity partners. We would consider it all," said Bill McNeney, chair of the district-owned developer.
The site has some history. Plans for a $500 million mixed-use community collapsed in October 2006 when developer Qualex-Landmark pulled. A year of negotiations ended and Squamish was back to the drawing board.
"We're not saying that Squamish doesn't have a bit of a checkered past as a community for developers who just ended up frustrated," McNeney conceded.
Incentives eyed
But gun-shy developers are preparing to move back in. In November, the District of Squamish issued several development permit extensions, including new phases to Solterra Development's 25-acre master-planned Eaglewind development that could see up to 136 new condominiums and townhomes.
Also, Solterra Acquisition Group has purchased 20 acres from the district for a new business park that company vice-president Mike Bosa expects will attract manufacturers and distributors from Whistler and the North Shore.
Squamish is also considering incentives, such as property tax breaks, to encourage developers, according to Mayor Rob Kirkham. The incentives could be in place as early as this spring.
from Western Investor January 2013
