A major condo development proposed for Horseshoe Bay will be brought up once again during a public hearing next week, but the property developer’s latest ploy to snag buyers has raised some eyebrows.
Westbank’s Sewell’s Landing development has been in the works for several years, but faced delays after the District of West Vancouver learned the company was actively marketing the project to buyers overseas.
The company wants to build the 159-unit development behind the current Sewell’s Marina location where a parking lot currently sits, south of the BC Ferries terminal.
Westbank pulled their development application in July after backlash but have now returned to the table with a new pitch: anyone buying into the complex must sign a declaration saying they or their family will live in the unit.
It’s a concept that hasn’t been done before in West Vancouver, but follows similar policies in countries like Australia, where some developments are built exclusively for local residents.
District of West Vancouver councillor Mary-Ann Booth said the offshore marketing was a deal-breaker for her during the initial proposal.
“We don’t want empty condos,” she said. “We don’t want people flipping and speculating in this project, and we want to encourage people to actually be part of the community.”
She’s now optimistic the new plan could work for the area, and perhaps beyond.
“I’m hoping that West Vancouver can be a model of how other municipalities can take action to keep their real estate affordable for locals.”
Michael Braun, sales and marketing director for Westbank, said the first 30 days of sales will market to West Van residents and people who work there. After that, units will be open to anyone across Metro Vancouver.
But critics of the project maintain there are still flaws with the plan.
Tony Giuventu, executive director for the Condominium Homeowners’ Association of B.C., said the plan sounds more simple than it is.
“It’s not actually a purchase of sale agreement,” he said.
“At this point, what it is is a contract that would bind the purchasers to the sale of the units once they’re available. Under the pre-sale’s conditions it is possible that the developer could impose covenants or restrictions on the contract… things like reassigning this contract to some other party.”
He questions how the development would be able to enforce the declaration and for how long would the buyer need to live in the unit before they’re able to sell.
“It’s a marketing ploy. I kind of admire the developer for taking the stand to say they’re going to sell locally… but buyers might see this as an unfair restriction on their ability to buy and sell,” he said.
Others just aren’t happy with the proposed development itself.
“It’s way too big and everybody knows it… and nobody’s talking about it.” said Horseshoe Bay resident Chris McLintock.
“Everybody calls Horseshoe Bay a gem, so why are we going to ruin it with three high rises 150 feet in the air?”
The public is welcome to voice their input at a West Vancouver council meeting at 6 p.m. on Monday, Sept. 19.
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