Tuesday, June 29, 2010  
   Volume 80 - Issue 26 Website:www.passherald.ca   email: passherald@shaw.ca   $1.00   
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Pass Herald Close July 1-2

 

 
The River Run housing development in Blairmore, long delayed by financing issues and beset by a measure of investor unrest, remains in a suspended state of incompletion. Developer Bill Bradley, contacted by the Pass Herald for an update on River Run, says that although progress is slow the project is still getting closer to starting.
"Things are evolving on a day to day basis," says Bradley, whose ambitious development project was first announced in 2006. "We haven't given up. I'm going to make sure this happens."
Bradley says that he has been focused on attempting to secure financing for the first phase of the redesigned development, which would be ten river-side homes on the east end of the property. Currently, he says, a financial institution with a local branch is examining their phase one plans.
Bradley indicates that he has met with approximately 20 different financial institutions and private lending firms in the past half year, but has found a common theme that has left the project unable to secure financing to date. The issue, he says, is that big lenders are not currently lending for housing developments in smaller communities, preferring to invest in larger centres given the uncertain global economy.
He says that purse strings seem to be slowly loosening given the hopeful signs in the provincial economy, but the money is not yet trickling down to smaller communities.
"It's frustrating," admits Bradley. "But I think it's mostly a matter of time."
Though River Run was unable to restructure its debt with investors in the River Run Vistas group, which has chosen to take their portion of the property into their own hands, the developers were successful in restructuring its debt with a second group, River Run Springs.
 
Bradley says that the Springs investors are eager to get started as soon as possible and that he will be showing the Springs plans to the community at large in coming months.
Further investors are located in the Netherlands, and Bradley says that he continues to work with them. A Dutch investor group representative recently visited the Pass, he says, to meet with him and view the property.
According to Bradley, the ten river-side homes to be built on the east end of the property will be able to tie into existing municipal infrastructure. The developers have partnered with Viceroy Homes to design and build the structures.
The second phase, which includes 36 bungalows, will require the installation of a new water line from the hospital to the east end of the property. Bradley says that these homes would be suited to singles, couples, empty nester adults, and retirees.
One feature of the overall project design has recently been changed. Bradley says that the large planned water feature that was dug on the west side of the property will be partially filled in. The water feature will now be much smaller, he says, with much of it being replaced by two acres of green space. Bradley says that this would be more appropriate to the project and much less costly to build.
He adds that they plan to do something more to help with the remaining piles on the unfinished portions of the property as time goes on.
Whatever happens with the one-highly-anticipated by now-long-delayed development project, the Pass Herald will continue to provide updates as time goes by.
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   Volume 80 - Issue 26 Website:www.passherald.ca   email: passherald@shaw.ca   $1.00   
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