The site of former plant for fruit processing a real estate winner
Sun
Waterfront Beach Resort, a 153-unit development on the waterfront at Osoyoos, has sold 70 per cent of its units after just one day of selling.
Waterfront Beach Resort announced this week that after just one selling day, it has sold 70 per cent of the units to be built at the Osoyoos lakefront project over the next two years.
The sales occurred at a Vancouver event and represent $52 million worth of real estate.
Resort development manager Glen Harris said most buyers are baby boomers from B.C. and Alberta, particularly Vancouver, the Okanagan, Calgary and Edmonton.
“They have kids and they’re looking for a safe, fun family vacation experience,” he said.
The $68-million project is located on a 1.8-hectare downtown Osoyoos waterfront parcel known as the Packing House lands, the site of a former fruit-processing plant.
Construction of the 153-unit development is scheduled to begin in about six weeks, with completion expected by the fall of 2008. Thirty beachfront townhouses are priced from $694,000 to $750,000 while 123 condominium units range from $220,000 to $850,000.
Harris said several resort developments in the area — including the Osoyoos Indian Band’s Spirit Ridge project — reflect its transition from a low-priced family campground mecca into a more upscale vacation retreat, with nearby golf courses and wineries.
“It’s really driven by baby boomers in their late-40s and early-50s,” he said. “They want a vacation experience that’s a bit more luxurious than camping in a tent.”
The Waterfront Beach project will feature boutique retail stores, a restaurant, a health club and spa, a swimming pool and a 200-seat convention centre.
Osoyoos Mayor John Slater has said the Waterfront Beach project will serve as an anchor for the community’s downtown core, helping offset a common trend for malls and big-box retail stores to pull business away from traditional downtown business districts.