Rise sold for $20 million

Vancouver-based Seacliff Properties has acquired the 534-acre Rise development on Bella Vista Road

There’s big plans after a Vernon property sold for $20 million.

Vancouver-based Seacliff Properties has acquired the 534-acre Rise development on Bella Vista Road.

“It’s very good news for Vernon. They will do a great job,” said Marshall MacLeod, associate vice-president of Colliers International and the realtor involved in the sale.

The sale is not for the golf course but only those lands designed for residential and commercial development. It includes low-medium-density residential uses, commercial activities, a winery and parks.

The lands are zoned, with 290 acres pre-planned for development. About 800 units could be constructed.

“They see long-term value in the property and the increased (consumer) interest in the Okanagan. They will build some tremendous product,” said MacLeod.

The previous owners put the Rise residential development up for sale in October 2016 for $24 million.

The purchase of the residential component of the Rise comes at the same time that the owners of the golf course are moving ahead with a clubhouse.

“This will add to the overall atmosphere at the Rise,” said MacLeod.

Seacliff is responsible for the Fairwinds development in Parksville, Watermark in Sechelt, Ocean Grove in Victoria and and the New Moodyville townhomes in North Vancouver.

No one from Seacliff Properties could be reached for comment.