The VillageWalk development at Sun Peaks, marketed by Sotheby’s International Realty Sun Peaks and constructed by A&T Project Developments Inc., is now complete,
VillageWalk is part of $60 million worth of development activity at the resort municipality 45 minutes northeast of Kamloops.
VillageWalk, a 24-unit luxury townhome development at 3280 Village Way, is the first new multi-family project to be constructed in Sun Peaks Resort in several years.
The project was announced in November 2016 and sold out by August 2017. The $14-million project took about 19 months to be completed and added 217 bed units to Sun Peaks.
Sun Peaks Resort Corporation estimates that each bed unit contributes approximately 45 skiers to the resort per year.
Based on that calculation, the 24 VillageWalk homes have the potential to contribute over 9,000 annual skier visits to the resort.
With the resort estimating that each skier visit contributes approximately $400 per day in spending, including accommodation costs, the economic impact of VillageWalk is estimated to exceed $5 million per year.
In addition, the direct economic benefit of property taxes from VillageWalk is anticipated to exceed $2 million in the next 50 years,
According to Liz Forster, managing broker of Sotheby’s International Realty Canada at Sun Peaks, the sale of the new homes reflects a growing trend of investment in the resort.
“VillageWalk has attracted new real-estate investment not only from within the region, but also from across Canada and internationally,” Forster said.
“While 62 per cent of the new owners of these VillageWalk homes are local to Sun Peaks or the Kamloops region, a full 38 per cent of VillageWalk homeowners are from other parts of Canada, the United States and other countries.”
Forster said approximately 70 per cent of buyers are Canadian and close to 30 per cent are international, including international buyers who had not previously owned real estate in Sun Peaks.
The Sun Peaks Resort Corporation said construction of VillageWalk involved more than 15 sub-trade companies, all of which are local to either Sun Peaks or the Kamloops area.
A&T Project Developments Inc. has two more multi-family developments underway in Sun Peaks.
Echo Landing, a 48-unit townhome development just east of the Morrisey overpass, is well into construction, with many owners set to move in this February 2019.
Elevation will be a two-phased, 80-unit condo development located mid-point near the resort’s new Orient Chairlift.