By Gagandeep Ghuman
Published: March. 21, 2012
It could take up to two years for Squamish Oceanfront Development Corporation (SODC) to find a suitable partner for the Oceanfront project, says SODC chair, Bill McNeney.
Given the time and energy invested in this crucial project, McNeney said it’s reasonable to assume that it could take two years to give a final nod to a partner.
“We have to do our due diligence on this,” he said.
At a regular council meeting on Tuesday, March. 20, Mayor Rob Kirkham announced that the district is ready to take SODC to the market.
The district will soon start the process for the Request for Expression of Interest (RFEI), McNeney said.
“We have the sub-area plan, we have a second reading given to our rezoning bylaw. There is a certainty to this land,” he said.
McNeney said it’s too early to say what form the final agreement will take.
SODC could sell the land, sign a joint-venture, or work on finance on a rate of return arrangement, where an investor puts up the money that allows SODC to hire a master developer, he added.
Any developer who chooses to work with SODC would have to agree to the sub-area plan, he said.
“The community has spoken about what it wants there,” he said.
McNeney said there has been interest in SODC by private developers.
“We have been approached in the past by Asian investors and other private developers. Now is the time to put the word out,” he said.
There was a ripple of excitement in the council members as Mayor Kirkham made the announcement.
“It’s time to put the shovels in the ground,” Kirkham said.
