Tuesday, June 18, 2024

Billion-dollar development will bring thousands of homes and jobs to Colwood


A development in Colwood will bring a plethora of new homes and jobs to the area, all the while injecting over $1.2 billion into the local economy.

Seacliff Properties announced they’ve teamed up with Reliance Properties to develop Royal Beach, a seaside collection of neighbourhoods totalling 2,850 single-family houses, townhomes and apartments.

The Vancouver-based companies say the development will also include commercial buildings, retail spaces and green space, taking 15 years to complete and creating more than 10,000 jobs along the way.

They’re pointing to Statistics Canada data, which finds almost nine full-time jobs are created for every $1 million spent on construction.

“For Royal Beach, with a projected investment of more than $1.2 billion, there is the potential to generate more than 700 jobs per year for the next 15 years. That’s approximately 10,500 jobs over the life of the development,” says a statement released by the companies on Monday.

For over 100 years, the project site was a rock and gravel mine. It closed in 2008 and Seacliff bought the area in 2017, eyeing its unique history as a development bonus.

“Other seaside communities in BC, like Coal Harbour and Olympic Village, were industrial sites that became coveted, world-class communities in which to live, work, play and visit,” said Georgia Desjardins, Seacliff’s director of development.

The City of Colwood adopted a new Sub-Area Plan and zoning bylaw for Royal Beach last year, with construction set to start in Spring 2022 near the site’s entrance at Metchosin and Latoria roads.

Mayor Rob Martin is eager for the project to break ground, as he highlights the benefits it will bestow upon locals.

“Colwood is excited to welcome these respected builders and learn more about their plans to deliver what will be Canada’s most vibrant seaside community with incredible connections to nature, where you can live by the ocean, enjoy the many public parks and trails in your backyard and work within the community,” Martin added.

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