-Property owners have had to scramble to get campground open-
OSOYOOS TIMES-July 2, 2008-
By Paul EverestrnOsoyoos Times
A controversial planned development proposed for the so-called waterslide property on Osoyoos's Lakeshore Drive has been delayed for financial reasons.
Nadia Slovak, who owns Osoyoos RV Campground and Waterslides with her husband Tony, said Vancouver-based Westmana Development Corporation was supposed to finalize the $3.5 million purchase of her property on June 21.
Instead of that we got a phone call that they're letting the deal collapse, Slovak said. They pulled out. Their reason was they're not ready.rnThe corporation had planned to build two four-storey buildings containing 95 units on the property and the application” labelled the Southlake development” passed second and third readings on May 20.
Fourth and final reading was supposed to take place on July 7.
Slovak said the developers told her they had had difficulty pulling together the money needed to build the development and there were not enough investors to back their plans.
A spokesperson for the corporation was unavailable for comment but a media release issued June 30 said that the developers still plan to go forth with the project, but not as soon as they had hoped.
The commercial credit meltdown in the United States and general uneasiness among lenders has caused the developer of (the) Lakeshore Drive condominium project to slow down the process of moving forward, the release reads.
The release goes on to say that the delay will allow the corporation to adjust its plans and is meant to better ensure the proposed development is designed to meet the future real estate needs of the community and home buyers.rnAccording to the release, the corporation has spent more than half-a-million dollars on the proposed $30 million project so far.
The development proposal went through two public hearings and the corporation held an information session on their plans in May after a number of residents who have properties neighbouring the project site expressed concern about the buildings blocking out their views of the lake and diminishing their property values.
The developers announced at the public information session that they would reduce the height of one of the buildings by 1.5 metres to maintain the lake views of affected property owners.
Several people also complained that town council and developers had not done enough to keep people living in the area informed about the project.
Osoyoos Mayor John Slater said he didn't think the concerns expressed by neighbouring property owners had anything to do with the corporation's decision to delay the deal.
We have had no indication that it's because of opposition in the area, he said. Once council approves a project (the developer) just has to meet all the terms and conditions of a development permit and a development permit was never issued.rnHe added that the property has not been rezoned.
Slater also said that it makes sense that developers might have a hard time finding financing for some of their projects.
Some of the markets in the United States are pretty soft right now and I think that the financial institutions, as well as investors, are a little bit gun-shy, he said.
Slovak said that because the deal has not been finalized, her family has had to rush to get the campground ready for the summer season.
She also said the family was ready to move and a down payment had been placed on a house in Kaleden.
It's like starting all over again, she said.
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