Lenders put Wyndansea on block at bargain $7.95 million

Wyndansea is back on the market – and a bargain, if you’ve got $8 million in your pocket.

Jones, Lang, Lasalle of Vancouver put the 360-acre ocean-side paradise-in-the-making on the market last week on behalf of the lenders.

“We’ve dropped the price, quite aggressively, to $7.95 million,” said realtor Alan Johnson.

“We had it listed before on behalf of the lenders in a court-ordered sale,” Johnson said.

First introduced as a “eco-luxury global hotel” in 2006, the oceanfront golf course resort’s development has been stalled since 2008’s economic grind-down.

In a letter to council dated June 11, 2013, Elke Loof-Koehler of the Wyndansea Development Corporation said Wyndansea was again teeing up to become “the first of 41 golf course resorts under the Nicklaus brand in North America to restart since the (2008 financial) crisis hit.” But Loof-Koehler had her setbacks. Her Marine Drive Properties sought creditor protection in the wake of 2008, and the Wyndansea project underwent considerable legal wrangling.

Her dream baby project, once touted for plans of 180 hotelcondo suites and 95 beach and golf villas on 360 acres, attracted new lenders, thanks to its “distinct positioning.”

Once listed for sale at $37 million, in built-out condition it would reportedly be worth upwards of a half-billion dollars.

Loof-Koehler’s letter laid out some changes to the development’s existing master plan she felt necessary for the project to move forward.

Listed two years ago for $14 million -almost twice the current asking price -it was taken off the market while Loof-Koehlertried to put find renewed financing after losing the property.

“The lenders are now looking back to the market for sale. They had been giving Elke some time, but that time now has ended,” Johnson said.

It’s a plum spot, with much of its 360 acres developed, frontage on both the inlet and Pacific side.

Anchored by a partially-complete 18-hole Jack Nicklaus-designed golf course – early promo pictures show Loof-Koehler and Nicklaus smiling with Pacific panorama behind them -the property has three kinds of zoning – single family, multi-family and hotel.

Thirty lots make up the Signature Circle; half of those are waterfront, and all are serviced. The rest of the lots are roughed in, with interior roads mostly done.

“There’s a significant level of development that has been done,” Johnson said, estimating that $25 million or $30 million worth of investment and improvements have been done.

editor@westerlynews.ca