Toby GormanBlack PRessA lack of financing opportunities has forced the owner of Oceanview Golf Resort and Spa to list the property for sale.The 190-hectare oceanfront property south of Nanaimo was listed on LandandFarm.com on Jan. 19 for $60 million. An additional 38 hectares located just outside the urban containment boundary in Cedar is also part of the package.“There’s just no financing available for a project like this,” said Wilf Richard, of Canadian Property Investments, from Calgary Monday. “Ideally we’re interested in a joint venture, we don’t want to go away.”He said the project is about 10 months behind schedule and remains in the development phase.A portion of the property is designated as Resort Land, and the development was already approved for 2,677 residential units, an 18-hole golf course, spa and commercial opportunities.In November, Richard said about $80 million in financing was required to begin construction on the first of three phases, which would include the development of 430 multi-density residential units.“It’s frustrating for sure,” said Richard. “The failure of Bear Mountain really hurt us, so we’re hoping a joint venture will help us out of this situation.”Over the past few years, the project has generated some controversy, and also sparked a successful alternative approval process that prevented the additional land in Cedar, preferred for the golf course, from being included in the urban containment boundary.
