The first batch of properties in a major residential development in upper Lantzville are nearly sold out.
Eighty-four per cent of the lots available in the Foothills development have been purchased since its developers, Storm Mountain Developments-Lone Tree Properties, began accepting offers for the first phase of the project last month.
Ben Hurlbutt, director of marketing and sales for the Foothills project, said 60 of the available 71 lots have been purchased, mostly by buyers hailing from Vancouver Island.
“Ninety-eight per cent were local buyers,” he said.
The 744-hectare Foothills development project will see approximately 730 homes and a mixed-use village, which could include amenities such as a recreation centre, constructed over a 10-year period. A 364-hectare park is also planned.
Storm Mountain Developments-Lone Tree Properties only accepted pre-sales inquiries and offers on Phase 1 lots from those who registered through their website and became VIP members. The first phase of lots are located near Aulds and Old Logging roads and range from $250,000 to $500,000 in price.
Hurlbutt said the developer’s intention from the beginning has been about finding local buyers or builders who are committed to creating a community within the Foothills, not speculators who plan to sit on empty lots.
“We’re going to work on taking our time and catering to people that are really committed to living in the community,” he said. “Some of the speculation that you find in Vancouver, you could turn that on [in Lantzville] pretty quickly and get a result, but it wouldn’t be a meaningful community result.”
Hurlbutt said there was a mixed demographic of purchasers that included higher-earning professionals with young children, and retirees.
“It’s a very diverse group,” he said.
Originally, the first phase included 77 properties, but was reduced according to Hurlbutt, who said although Phase 1 isn’t sold out yet, around 30 lots in Phase 2 could be available soon.
“Of course we want to sell out one phase before we start the next phase, but we’re excited about the next phase, so we are probably going to roll that out in pretty short order,” he said. “It will be smaller.”
Hurlbutt said construction work is expected to begin in June as contracts for phase one’s infrastructure have already gone to tender.
“We want to have a big groundbreaking ceremony in early June … It’s a pretty exciting time for the Lantzville areas and the legacy of the Foothills,” he said.