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March 2008

Once again, new construction values experienced an increase in 2007, with over $220 million worth of construction by the end of December, up from $200 million in 2006 and $127 million in 2005, topping urban planners’ initial annual projections.  While the number of projects actually decreased slightly, building costs in a hot Alberta economy have driven values accordingly. 

Partners in Economic Development

  Town of Canmore
  Tourism Canmore
  The Biosphere Institute
  BOWDA
  Mountain Arts Foundation
  Canmore Community Housing Corporation
  MD of Bighorn # 8
  Chamber of Commerce

Associate Membership
Canmore Business Registry

Canmore Major Resort Developments

Three Sisters Mountain Village

Canmore’s largest developer has changed hands. In early November 2007, Three Sisters Mountain Village was acquired by East West Partners, a Colorado-based resort real estate development company that has been responsible for developing high-end properties in Vail, Beaver Creek, Lake Tahoe and many other North American mountain resort areas.

East West is a leader in sustainable building practices and recently completed an entire LEED-certified village at Northstar at Tahoe in California.

Terry Minger will remain as chairman of TSMV, and the other long-time partner, Blair Richardson, will also continue to be involved. The new managing partner, Roger Lessman, will relocate to Canmore and begin a 90-day review and assessment period to get a feel for the project’s and the community’s priorities.

The company’s commitment to grand-scale commercial development should continue to help the Town of Canmore’s property tax base while also propping up its commercial sector.

Meanwhile, building continues in Three Sisters Mountain Village. Stewart Creek Village, just off the highway at the eastern entrance to Three Sisters, is well underway and is home to several projects currently underway. These include Paintbrush Ridge by Assured Developments, Trailside Chalets by Alpine Homes, Wilderness Ridge by Riverside, Timberline Lodges by Alpine Homes, Serenity Ridge by Swan Homes, and Versant by Riverside.

Also in this area, a new school is being built for the Catholic school board, Christ the Redeemer. Its playing fields and playgrounds are already established.

Completing this area, The Village at Three Sisters is envisaged as a pedestrian market square that will vibrate with musical entertainment, cultural attractions, and recreational pursuits. There will be opportunities for business tenants in specialty shops, equipment rentals, adventure packaging or food and beverage. The resort planners imagine an exciting menu of cafés and restaurants, from “come as you are” to “dressed to the nines.” There are plenty of opportunities for restaurateurs who are want to provide places and experiences that will relax, refuel and reconnect their clientele.

The complement to the Village is known as the Sanctuary, comprising approximately 303 hectares (750 acres). Located above the new Three Sisters Resort Course, which is slated to open in 2008-2009, the Sanctuary is envisioned as a new model of a health, wellness and adventure-based resort that will be unique to the Canadian Rockies, Canada and North America. It will be a place where visitors and residents of Canmore can come to rejuvenate, recreate, exercise, heal, learn, meet, and live. The focus of the Resort Centre will be a state-of-the-art health, wellness and lifestyle spa facility, along with five-star dining and upscale shops.

Spring Creek Mountain Village

After thousands of hours of planning, research, engineering, reviewing and re-planning, development at Spring Creek Mountain Village commenced in the spring of 2006 on a 70-acre sanctuary one block from downtown Canmore, bounded by Policeman's Creek.

Over a 15- to 20-year time frame, Spring Creek will see the re-development of the former Restwell mobile home and RV park into a distinct new urban neighbourhood. The development will include a variety of residential, commercial and open space uses within a pedestrian-oriented street network. Redevelopment will proceed in stages during the transition, while mobile home residences will gradually be phased out. Future development will include a wider variety of housing options catering to a range of age and income levels. The ultimate population is expected to be in the 1,800 to 2,200 range.

There are two main types of commercial development envisaged. The first is visitor accommodation in the form of boutique hotels with ancillary convention, service and retail components. The second is specialized streetfront retail or service-oriented development pods distributed at locations along Spring Creek Drive and the Village Square. Flexibility will be maintained to allow the incorporation of studios and other live/work spaces, especially along Spring Creek.

Building is proceeding at a rapid clip, with several handsome new buildings already changing the face of the area. Glacier Rock Lodge was the first residential building to break ground. Occupancies are slated for March 2008, and all the main residential units are now sold out. Moraine Ridge, aimed at buyers in the 40+ age range, has been another success story, with two residential units remaining and possession dates approximately summer 2008. Both of these properties offer live/work studios that are ideal for unique shops that will enhance the community.

The third building, Rundle Cliffs Lodge, is already 75% sold. It will offer owners a chance to rent out their units through a rental pool. There is also a small number of lots available for single-family homes.  

Stonecreek Properties

On the north side of the TransCanada Highway, Canmore is home to Stonecreek Properties Silvertip Resort, a 582-acre residential, resort and golf course development.   

A mix of luxury condos and single-family homes is already nestled in amongst the superb golf course and a brand-new clubhouse.

In April of 2008, SilverTip Golf Resort launched the Village at Silvertip.  This $1.5B resort development will create a traditional European-style, hill village with 'Old World' architecture. 

The Village at SilverTip will include 100,000 square feet of retail space with 80 to 100 one-of-a-kind stores from local to high-end retail, as well as 2 million square feet of condos, lodgings amounting to 1,300 units - 300 hotel units and 1,000 resort condo accom unite.

There will also be a grand chateau hotel; a 20,000 square foot destination spa; an exploration centre, a central plaza; a church square ringed by cafes and restaurants; a fountain square; a market square; and a culinary institute over 12 hectares of developable land.  The entire Village site is about 24 hectares in total.  The project is expected to be completed in 10 to 20 years and is expected to draw about 200,000 visitors each year.

This area, with shops, restaurants, a hotel and conference centre, promises to evoke an old-world feeling with plenty of luxury.

Tourism Vacation Homes & Accommodation Units 

All new commercial accommodation growth has been in investment vacation suite units, with over 500 units built since 2000 and more than 500 units in various stages of development and construction.  Much of this condo development is situated around the town centre and Bow Valley Trail. Many buildings allow full-time residential units, although a few are zoned for vacation owners only. In this area, most offer rental pools that allow absent owners to rent to short-term visitors.

CANMORE CONSTRUCTION UPDATE
 

Bighorn Mountain Resort (Bridgecreek Development Corp, 403-228-8838): Five-star residence club with 20 semi-detached, 2400 sq ft units and clubhouse. 1/8 fractional ownership $250,000+.

Blackstone Mountain Lodge (Assured Developments, 1-888-830-8883): Vacation suites, 991-1057 sq ft, $411,900-$494,900. One luxury 2200 sq ft penthouse, $1 million.

Devonian Properties (678-3535): The final phases of the Lodges at Canmore (Phase 3 and 4) are now pre-selling. 1-, 2-, and 3-bedroom condos, zoned as visitor accommodation. Low $300s to mid-$500s.

Eagle Terrace (678-7700): Mountain Winds, 20 luxury 2- and 3-bedroom condos, 1185–1884 sq ft, from the mid-$600s.

Silver Creek Lodge (866-609-8166): Luxury vacation suites, 642-1315 sq ft, $289,900-$629,900. Quarter-shared interest (furnished) $72,500+.

Solara Canmore Resort & Spa (609-3600 or 1-866-376-5272): 812-1780 sq ft luxury suites—quarter shares from $190,000. Full ownership from the mid-$400,000s.

Spring Creek Mountain Village (678-7700): New 70-acre development off Main St will feature mixed housing styles to be built over 15-20 years. Rundle Cliffs Lodge, 1-, 2- and 3-bedroom units as well as single level live/work studios with street access 1900-2300 sq ft, $450,000-$1.4million. Moraine Ridge, 700-1700 sq ft single level luxury 1- and 2-bedroom condos for adults (over 40), as well as live/work studios, starting from $699,000. Estates of Spring Creek, 4 single-family lots from $900,000.

The Ridge at Canmore (1-800-265-9518): Vacation condos close to downtown, 575-725 sq ft, $344,900-$414,900.

SilverTip (Stone Creek Properties, 403-802-3600) 4 homesites with stunning views remain at SilverTip for single-family homes. Early in 2008, Phase I of The Village at SilverTip will launch, with a variety of new residential options.  This 'Old World' Village will include100,000 square feet of commercial and retail space, 1,300 condo and lodgin units, 300 hotel units and 1,000 resort condo accommodation units.  The Village site is about 24 hectares in total, with 12 hecatres of developable land.