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A massive chunk of land at one of Vernon's exclusive golfing communities has changed hands.
Some 543 acres of The Rise, overlooking Okanagan Lake, have been sold to Seacliff Properties of Vancouver for $20 million. The sale closed June 5th.
“They are a very successful Vancouver developer,” said Marshall MacLeod, vice president of Colliers International. “They will be looking at a longterm development project.”
Last October, the huge parcel of land in the Bella Vista area was put up for sale by the former Calgary owners for $24 million.
The Rise boasts a Fred Couples' signature golf course which was not part of the sale.
MacLeod said that, under a Master Development Agreement, a total of 1,250 luxury units can be developed at the site. Some 880 units remain to be built under that agreement.
“The good thing for Vernon is they build units similar to the quality of Predator Ridge or better. They do a good job.”
Seacliff owns other exclusive residential communities including; Fairwinds and Ocean Grove on Vancouver Island and the Watermark at Sechelt on the Sunshine Coast.
