A group of local investors is expressing confidence in Sun Rivers with a $30-million plan for its newest neighbourhood.
A newly formed development firm announced it has purchased 58 lots in the planned community, a neighbourhood called Rio Vista at the highest elevation of the development that will overlook the city.
"This is as high as you can get right now," project manager Martin Daburger said of the southern exposure and views that are the key features unavailable elsewhere in Kamloops.
The modern-Craftsman style homes are adult-oriented and targeted at those who want to"lock and go."
The first phase of the 58-unit development will consist of 15 houses. Five are under construction, including a show home that is expected to be ready for viewing in January.
Daburger is one of five investors, along with Tony and Norm Daburger, Bob Strate and David Kuzyk, who owns four Dairy Queen restaurants.
Local skiers know the Daburger name from Harper Mountain and its patriarch, the late Max Daburger. Today, Norm Daburger largely owns and operates the mountain.
Martin said the investors are confident in the development and city.
Marketing comes at a time with low unemployment, a healthy job market and low inventory of resale homes on the market, which is driving prices higher. The target prices at Rio Vista are $500,000 to $600,000.
While the Sun Rivers development and its construction arm are experiencing financial problems, Daburger said the partners purchased the lots for development and the corporation's finances have no bearing on them.