The developer behind a major residential condo project in Sechelt has put the land up for sale instead of going ahead with construction based on development permits approved by council in February.
RTC Properties put forward its West Porpoise Bay Estates project in 2017 after purchasing an earlier development that was foreclosed. The RTC plan called for six buildings with 80 units that would have required a height variance, which the council of the day was not prepared to approve.
The company eventually got approval for a design that would not need height variances, but would require “a more extensive excavation to lower the buildings on the site.”
The development permit is valid until Feb. 20, 2021.
But, instead of putting shovels in the ground, RTC has put the land back on the market with an asking price of $5,490,000. The listing says that all municipal services are available at the property line, the site is partially serviced with most of the road grading completed and civil engineering plans are being finalized.
Richard Coglon of RTC told Coast Reporter via email that listing the property was “simply a business decision” and they are now focused on moving forward with The Strand, a project on the Trail Bay waterfront.
