Sales of 95 luxury waterfront cottages are set to launch in June, the developer told Business in Vancouver May 14.
Landis Development Group CEO Michael Thornton is in talks with major hotels to partner on the project, called Silver Spray, located on the southwestern tip of Vancouver Island.
His concept is to sell the cottages furnished and for the owners to let their properties be in a rental management program that will provide them with revenue when they are not using them. The expected sale price for the cottages is about $400,000.
"It's up to the owner. They can live there if they want," Thornton said. "We're hoping that a bunch won't live there. That's why we're targeting the Vancouver and Victoria markets and people who already have homes so this can be their second home."
Thornton has already obtained zoning for 127 single family homes near the cottages. Of those, 56 have been sold, generating $15.5 million.
He has also built about 75% of a marina and has zoning for a golf course.
"We received a development permit [May 13] that allows us to put cottages five metres from the ocean because we're on solid rock and we're six metres or more above the ocean," he said. "We're safe and the beauty is that we have this gorgeous rugged foreshore."
