The San Group has made headlines for making large investments in the Alberni Valley in the forestry sector but today the company announced it’s getting into residential development.
This one would have the potential to increase Port Alberni’s residential capacity by 25 percent.
“We submitted the papers to the municipality today. Its worth is anywhere from $900 million to $1.1 billion once it’s complete in 5 to 7 years,” said Kamal Sanghera, San Group’s Chief Executive Officer.
It’s called Pacific Mayfair Estates, a 73-acre development, between Burde Street and West Coast General Hospital.
It would see up to 3000 homes, including five highrises with a maximum of 10-storeys built with lumber produced at the San Group’s own mills.
“This is a very major investment San Group is doing and we are not afraid of the big money because we believe in the community,” said Sanghera.
The San Group says all the homes will be built to the highest environmental standards and nature trails within the site will become much safer and more accessible for the people to use.
The company will be asking the city to change the property’s residential zoning to higher density for part of the development and Port Alberni’s mayor says it’s positive to see such interest in the city’s future.
“It’s incredibly exciting for the community to be seeing this level of investment in our community and sustained investment,” said Sharie Minions, Port Alberni’s Mayor.
The Tseshaht First Nation’s chief says he’s looking forward to the development.
“It’s great to see the future plans. I know that they’re just renderings and ideas. I know the San
Group will make sure that the waterways and territories are looked after because it’s sacred to our people but more importantly from an economic standpoint we’re hoping that Tseshaht can be a part of this somehow,” said Ken Watts, Chief Councillor with the Tseshaht First Nation.
The company says it’s already done a number of environmental studies and engineering reports and it’s keen to start prepping the site and soon as possible.