Vancouver Island's Comox Valley will see the addition of up to 1,300 homes and 800,000 square feet of shops and services, the Trilogy group of companies' John deCourcey Evans has announced in unveiling a project to be called CAYET.
Trilogy has obtained approval from the Village of Cumberland's council to proceed with the project.
Evans expects the company will spend about $110 million preparing the property for eventual transformation, either by other companies, developers or builders (or by Trilogy in partnership with others) into a new neighbourhood within the village.
That figure includes Trilogy's costs of purchasing the property and installing water and waste disposal and new or renovated roadways.
"This figure does not account for the cost of 'on-site' servicing of individual parcels of land within the 719 acres of CAYET," Evans said in a release.
Trilogy also has the provincial approvals it needs for the infrastructure work.
It expects to begin tendering in the first quarter of 2012, Evans said in the release.
"Planning and executing a comprehensive development in a magical place like the Comox Valley is a privilege and a rare opportunity," Evans said in his release.
The Trilogy property investment and management group, which Evans started 20 years ago, has brought to market projects in Whistler, Vancouver and Montreal.
Cat: BC Real Estate
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