Investors in what is projected to be a $400-million, 490-home golf resort and residential neighbourhood in Tsawwassen are banking on star power to help them sell real estate.
Crooner Michael Buble is investing with former Vancouver Canucks coach and general manager Pat Quinn, talent manager Bruce Allen and Shato Holdings owner Ron Toigo to build the project that, so far, has 55 condominiums and a nearly finished golf course.
The ownership group is slated to reveal details of the project to media May 12.
“We’re showing it off tomorrow,” Toigo told Business in Vancouver Wednesday.
“So far, spending on the project is nearing $100 million because of things like roads. By the end of the second phase we will have spent about $160 million."
Toigo’s fellow investors have been a secret up until now. He launched pre-sales for the project in October 2008.
Despite the economic crisis starting to hit home, buyers still bought about half of the 55 condominiums in the project’s first building: a four-storey wood-frame structure.
Toigo then stopped selling the units and plans to restart sales May 12.
The golf course’s clubhouse is complete, with a weight room, spa, banquet rooms and an outdoor ice rink for the winter months.
“Our second phase will have 93 condos and 38 single-family homes,” said Toigo, whose holdings include White Spot Restaurants.
Toigo, Buble and Quinn are all part of the ownership group of the Vancouver Giants.
“The 490 homes will be part of the fourth phase and will probably be complete by 2016,” Toigo said.
Glen Korstrom
Twitter: glenkorstrom