A local company wants to buy two parcels of crown land in Terrace and Thornhill in order to develop as many as 180 single family residential lots.
The largest of the two parcels wanted by M & M Ventures, is 100 acres in Thornhill to contain 124 lots, and the smaller parcel is 15 acres for nearly 60 lots on the bench in Terrace.
It has filed crown land purchase applications with the provincial government for both parcels.
“Quite simply we believe there is a need and a demand for new housing,” said Mike Scott, one of the principals of M & M Ventures, in noting current activity and the prospect of liquefied natural gas (LNG) facilities in Kitimat and elsewhere.
“We’ve been disappointed in the past, but this time I don’t believe that’s the case,” he said.
“We’ve all been waiting for a long time to enjoy the kind of benefits people have been experiencing elsewhere.”
Still, Scott said M & M Ventures would be prudent in its development spending after it acquires the crown land.
“I don’t believe any of those large [LNG] companies have made a final investment decision yet. And when that happens there will be a domino effect. You will have smaller companies making their own investment decisions,” he said.
“What we really need to do now is to be prepared and have our plans in place.”
Provided the company acquires the parcels according to an anticipated time table, clearing work would start as soon as possible leading to the start of lot development this fall or early next year in both locations.
Because of the number of Thornhill lots the development there would be phased in at approximately 30 lots a year leading toward 2020.
“You don’t want to put all of your lots on the market at the same time,” said Scott.
The Terrace bench development would have two phases of lot preparation.
Scott said lot prices would only be determined once actual costs are known.
“The cost of each development is substantial. You’re looking at roads, underground services, pipes, sewer,” he said.
“Often a developer only makes a profit with the last of the lots are being sold, after all of the costs have been paid for.”
The Terrace bench parcel is the wooded property south, north and west of Ecole Mountainview School on Bailey.
It does not include the wooded area bounded by Bailey and Mountain Vista immediately to the south of the school nor the wooded area immediately north of the school on Bailey.
Those are set aside for parkland.
The Thornhill parcel runs below Crescent toward Hwy16 and is generally bordered by Paquette on one end and by Sharples on the other end.
Each of the subdivision developments would require new roads in addition to new service connections.