Recent momentum in the west coast real estate and development industry has made its way to Northern Vancouver Island. Specifically, the Campbell River region has become a significant benefactor of recent market improvements and will likely remain so for the foreseeable future.
From a regional economic development perspective, projects such as Discovery LNG which proposes to construct and operate a natural gas liquefaction, storage and on-loading facility have enormous economic potential for the region. This project not only advances local industry but has the potential to create thousands of jobs in the area for years to come. The John Hart Dam project is well in the works after the 2012 BC Hydro Board of Directors approval following an extensive public consultation process. In March 2013, the requested boundary adjustment to Elk Falls Provincial Park received Royal Assent approval from the provincial government. The project is slated for completion in 2018.
On the new development front, the Campbell River region expects to exceed $100 million in construction values for 2013. As of this September, city officials were making arrangements with the Strathcona Regional District and Comox Valley Regional District to help keep up with rising demand for building permits. One of these developments is Jubilee Heights, a comprehensive development zone located on 160 acres of land at the corner of South Dogwood and Jubilee Parkway. Jubilee Heights will be a phased development allowing for a mix of housing types and densities that will accommodate up to 1,100 dwelling units. The plan also includes a pedestrian friendly commercial center and a range of community facilities including an elementary school site and playfields. The plan envisions a vibrant walkable and ecologically sensitive neighborhood built upon the distinctive small town character of the area.
Mix in a new 24,000 sq. ft. hospital as part of the North Island Hospitals project and the Downtown Waterfront Redevelopment initiative in which officials are defining future development uses for the area and one has reason to be excited. It is evident that this region is open for business and there is no shortage of investment flowing into the community with virtually no end in sight.