LAKE COUNTRY – Called Lakestone, construction is underway on the single, biggest development in the history of Lake Country.
Vancouver based Macdonald Development Corporation plans to build 1365 homes on 550 acres on a hillside overlooking Okanagan Lake.
Company owner Rob Macdonald says buyers can get into a single family home starting at about $600,000.
“When you add the value of our primary development work along with the value of the homes constructed here, the total economic activity will be close to $1 billion in current dollar terms,” says Macdonald.
It’s expected Lakestone will increase Lake Country’s population by 3,000 to 4,000 people.
The mayor is excited for what the added tax base means to the district’s coffers.
“It will certainly increase our assessment to the point we can maybe do some stuff with our road works in other parts of the district,” says James Baker.
The developer anticipates about 80 homes will be built annually, including townhouses and duplexes, expecting Lakestone will take about 15 years for complete build out.
Macdonald says it’s his intention to construct a Canadian award winning community.