canmore and banff real estate news

Aspen, Whistler, Vail and now……Canmore
Multi-million dollar metamorphosis will transform town
Marty Hope - Calgary Herald

Once a sleepy little mountain town outside the eastern gates of Banff National Park, Canmore's reputation as an all-seasons recreation destination has grown rapidly in the past few years.

Now, recently unveiled plans for a multi-million-dollar metamorphosis will throw this town of more that 10,000 people, just an hour west of Calgary, into the glare of the world spotlight.

The ink is hardly dry on renderings of the proposed 2,000-acre Three Sisters Mountain Village and it is already being compared to other "rich and famous" resorts such as Whistler, Lake Tahoe, Vail and Aspen.

"An exaggeration to compare this to a resort like Aspen? Right now, maybe. Ultimately, though, it's going to be a hell of a place to live," says Chris Kolozetti, vice-president with United Communities, which will manage the development for lead partner TGS Properties Ltd. of Denver.

No definite price tag has been set for the project because of its complexity - involving negotiations with hotels and retailers and increasing land and servicing costs - and the fact the total village development will take at least 10 years to complete.

"We don't have final details of the overall project so it's difficult to put a cost figure to it. We could make some wide assumptions, but at this point projections are a moving target," says Kolozetti. Past projects proposed for the same general area have had cost projections in the range of $20 million to $15 billion.

Canmore Mayor Glen Craig says plans for the proposed development are the next logical step in the growth pattern.

"It was inevitable that we would evolve into a resort destination because of the growth cap in place in Banff," he says.

Other members of the project consortium are Stantec Consulting Ltd. and Three Sisters Resorts Inc.

Depending on market acceptance and response to the project, Kolozetti estimates it could take 10 years - "give or take" - to complete.

The Three Sisters' forested benchland mountain property stretches from the Deadman's Flats interchange, west for approximately 11 kilometres on the south side of Highway 1 to become part of the town of Canmore.

It's a huge, wonderful project - if we do it right. And we have every intention of doing just that," says Bill Heidt, Calgary-based president of TGS Properties. "That's why we have had the level of public participation with town officials and the public that we've had."

Mayor Craig is pleased with the interest the four partners have shown in working with town officials on the massive project.

"The owners appear to have a genuine interest in our community's concerns and have shown an openness in working with us regarding some of our concerns," he says from his Canmore office.

Morely Fast, sales and marketing manager for Alpine Homes, sees good things in the future for the resort.
"We're playing catch-up right now, but there will come a day when we'll be expensive. I'd say that within five years we'll be where Whistler is right now."

The project will have nine development cells with phases within each cell. Site 2A, Three Sisters Creek, is where residential construction will start. Some show homes are expected to be open by July.

But the heart and soul of the project is Site 1, which includes the resort district. An artist's concept of the area has it facing a natural land bowl located within the west half of the property halfway between Canmore and the Three Sisters Interchange to the east. Preliminary plans have the resort anchored by a landmark hotel connected to pedestrian-oriented streets. Mixed-use two- and four-storey buildings surrounding a lake will house shops, restaurants and entertainment facilities at street level with offices, accommodation or residences on the upper floors.

"It's going to be a 22 acre resort site with time-shares, retail and cultural elements - with a second golf course and four-hole gold academy over and above that," adds Heidt.

Fronted by either the Bow River or Highway 1, the property is rich in coal mining and railroad character history that goes back to the early 1880's - themes that will form the basis for the village's identity.

CANMORE: Renting allowed

The town's master zoning bylaw for the development will allow slightly more than 3,600 single-detached and duplex homes, and larger multi-family projects, time-share housing, as many as 1,500 hotel rooms, staff housing and "municipally-controlled" housing.

One of the bylaw's clauses calls for zoning to allow rental units within homes. "What we have asked for is that 25 per cent of the single-family lots be zoned R1-B to allow legal basement suites for local to rent - as a way of providing some more affordable housing in the town," says Craig.

Some builders, including Wilderness Homes by Riverdale, have included these suites in some of their models. "We have 21 new homes available in single-family, single-family with suite and duplex product. Some of our homes will have suites that can be rented out. In some cases, buyers have said that until the time comes when they can use the homes more themselves, they would stay in the suite during their visits and rent out the house," says company president Tom Knott.

Morrison Homes also has a suite designed in its show home. "We have some lots zoned to allow the suites so we decided to develop one in our model just to show people how it would look," says company president Al Morrison, adding that the lower-level unit will measure 457 square feet.

The bylaw has also provided the capability for as much as 300,000 square feet of commercial and retail space.

"Those limits are what the town by-law will allow, but in all likelihood there will be fewer homes and less retail space than what is being shown," Kolozetti adds.

As well, there will also be a network of pathways that will interact but not interfere with historic wildlife corridors or habitat areas, and two new golf courses complementing the existing Stewart Creek 18 holer. United, front and center in the largest undertaking it has ever tackled, has no intention of sacrificing trees and green space for the sake of housing - a position it shares with Canmore officials.

"We decided to reduce the density of housing and cut back on the amount of commercial and retail space to a point where more than 60 per cent of the whole property will remain undeveloped. We're attempting to maximize what we have - naturally - and work with it," Kolozetti says.

United marketing manager Alix Halpen says the lineup of builders for the initial phases of the project has been finalized.

Three of them - Alpine Homes, Wilderness Homes by Riverdale, and Cardel Custom Homes - are already active in the town. The other's are Assured Developments, Cove Properties, Medican Developments, Morrison Homes and Swan Homes/Calvanna Developments, all making their initial foray into Canmore.

"Some of the show homes are already under construction and should be ready by July," Halpen says, adding that prices will run from about $160,000 to more than $1 million.

As for the product being offered by the various builders, all are expected to design homes - second homes for the majority of buyers - that will blend with surrounding terrain and overall theming of the mountain village.

"our focus is to create homes that become a part of the natural landscape, combining modern technology with traditional alpine architecture," says Al Morrison. The company is also establishing a new division for the Three Sisters project called Morrison Mountain Homes.

From United's perspective, housing designs will incorporate elements of a typical alpine lodge-style structure with emphasis on natural materials. "And with the unique landforms on the benchlands, we anticipate seeing some creative slope adaptive housing," adds Halpen.

Tom Knott's Wilderness Homes by Riverdale has been building in Canmore's Peaks of Grassi development for 10 years and has a feel for what United is looking for.

"We are going to deliver a home with the mountain feel, with colours that blend with the environment. We're excited about this project," says the company president.

Kolozetti says there will also be an affordable housing element to the development.

"Because affordable housing is a concern in Canmore, we are providing a variety of housing types, some that will be in response to the segment of the market".

While residential development is the early focus of the project, construction of a second golf course is deemed an important element.

"Because we see it as absolutely essential to continued residential growth, work on a second golf coursed will start as soon as possible," says Kolozetti.