Work Begins at Colwood Corners

http://www.ctvvancouverisland.ca http://www.facebook.com/ctvvi COLWOOD -- After over half a decade of talk, debate, and more debate workers are finally preparing buildings at Colwood Corners for demolition. For their part, the City of Colwood couldn't be happier. "We like to have residential development, but commercial is what pays the bills" says City Planner Alan Haldenby. Cities and municipalities everywhere are under increasing pressure as the federal and provincial governments download more of the costs for services like transportation and education. Those added costs have property taxes and fees on the rise in most BC cities. The plan now taking shape has a mix of commercial retail and office space as well as market condos and apartments. When all phases of the new Colwood Corners are completed in 15 to 20 years, the project will essentially create a new 10-acre City Centre. Adam Gant, one of the founding partners at League Assets Corporation says the company plans to attract first time buyers with attractive financing. "The form of financing that we're offering is a portion of your down payment but there's no monthly payment associated with it" Gant says, "so the increase in the value of the property over time pays for the financing so you as a homeowner don't have to." But that is assuming property values rise. Property assessments released Monday show the average value of a home in Colwood down by $10,000. Gant however is optimistic. He says the phasing of the project allows League to make changes if the market requires. "This is a large project and we've gone through a massive downturn since we started. We probably got in at almost close to the peak of the downturn, got it zoned quickly and then had a period of redesign through the credit crisis where we had to reformat how we're going to phase the project to be able to continue building it." He says League could always increase the ratio of commercial space if housing numbers slump over too long a period.