Events

Goldstream Gazette

Sept 18, 2009

Large 'green' development shakes off recession

With 16 homes in various stages of construction, the massive Westhills development in Langford has officially and quietly come out of hibernation.

The 6,000-unit project has broken ground on its Lakeview Ridge phase off Langford Parkway, resuming where it stopped last October when the world financial markets suffered a meltdown.

“We are seeing a market that is definitely recovering,” said Rohan Rupf, the marketing director for Keycorp Consulting, the lead agency for Westhills. “We are seeing a healthy economy returning, not like the terrifying time in October and November last year.”

Over the previous winter, Westhills decided to test the tanking real estate market with its 74-unit Parkdale Creek neighbourhood. Sales were brisker than expected and all the homes were sold within days of going on the market. Rupf originally estimated the greater Westhills project would resume in the summer of 2010 – now they expect people living in Lakeview Ridge by then.

In the past month, the main worksite west of City Centre Park has returned to life, with what is planned as a 25-house neighbourhood. Crews are also drilling at the future site of an all-weather sports field for installation of underground geothermal equipment.

The homes are built to “Built Green” efficiency ratings, Rupf said, and unlike Parkdale, the remainder of Westhills will be linked to geothermal for heating and cooling. The overall project is part of a LEED-neighbourhood design pilot project for U.S. and Canadian builders. Langford holds up Westhills as the “lens” for future development in the city.

“Lower energy input is how we make sustainable communities,” Rupf said. “Having geothermal running on high-efficiency homes you would expect to save 30 or 40 per cent on power.”

The Parkdale project, with smaller homes and many with secondary suites, demonstrated a market waiting to happen, he said. Many buyers were families with older parents or older kids wanting to live in the downstairs suite. “There were many rearranged families looking for ways to keep the family together,” he said.

The ultimate build-out of Westhills is expected at 6,000 units plus 5 million square feet of commercial and institutional space, developed over 20 years. It promises to keep 40 per cent of the 209-hectare dogleg property as greenspace connected with an extensive trail system, all backing onto a regional park.

The project has the potential to add at least 16,000 more residents (Langford has about 23,000 people now and neighbouring Colwood has about 15,000) and would give the city another major commercial core.

The pace of build-out, though, is market driven, Rupf said – there’s no reason the project wouldn’t go on hold again in the face of another serious economic downturn. For now it’s one phase at a time, he said.

“We are pleasantly surprised by the economy’s return and very pleased to be able to take advantage of that.”

editor@goldstreamgazette.com