In the hills above the popular B.C. resort community of Osoyoos, Calgary-based Bellstar Hotels & Resorts is building its second full-time residential community - and it comes with a political twist on the leased land.
The land is part of Osoyoos Indian Band territory, but the site for the Residences at Spirit Ridge has been transferred to a Crown Land lease to help facilitate sales, explained Spirit Ridge sales manager Curt Jansen. The Crown leases, which run for 99 years, remove any concerns that buyers may have about the security of native land leases, according to Jansen. "It means that, despite what happens politically with the native band, the lease agreements remain in effect," Jansen said.
The long-term leases qualify for conventional mortgage financing, Jansen added. Yet the Crown agreement for the leases excludes B.C's Harmonized Sales Tax (HST) and Property Transfer Tax (PPT), which could save a buyer from $20,000 to $40,000 on the purchase of the higher priced luxury homes, he said.
The 17 villas are high-end contemporary designs perched above the existing Spirit Ridge Resort and Spa and its Sonora Desert golf course.
Typical prices start from $430,000 for a two-bedroom unit of 1,240 square feet, but most are priced closer to $600,000. Only four of the villas in the first phases were still for sale, although construction doesn't start until later this year. Bellstar is preparing to launch the next phase at Spirit Ridge Residences, which will feature 37 luxury villas.
In addition to the Residences e, Bellstar, in partnership with the Osoyoos Indian Band, has begun construction of the 44-home Canyon Desert Golf Villas at Oliver, about 20 minutes from Osoyoos. The first phase of the bare land strata gated community offers detached houses aside the Nk'Mip Canyon Desert Golf Resort.
The new Bellstar developments also reflect the business savvy of the Osoyoos Indian Band. Under the leadership of outspoken Chief Clarence Louie, the Osoyoos Indian Band Development Corp. owns and operates more than a dozen businesses, including the Nk'Mip Winery and a construction company.
"Most First Nations realize that we can't wait for land claims to be settled," Chief Louie said. "The economy is always the No. 1 issue to white people, it should be No.1 to First Nations as well."
