from "Business Central"
July 2003
With a population projected to reach 10,000 within the next year or two, Sylvan Lake continues to be one of the fastest growing communities in the country. Remarkably, as the explosive growth continues, the town is rapidly evolving into an even more delightful place to live, or to visit.
New developments like the Chateau Suites complex are transforming previously neglected areas into first-class facilities featuring beachfront cafe, several boutiques and 60 suites, all facing the lake.
Built by Bear Developments of Calgary, Chateau Suites is just the first phase of a complete renewal of a major section of Sylvan Lake's downtown lakefront. Bear also acquired the Wild Rapids Waterslide property as well as another lot east of the Chateau and several lots across the street. Although plans are not yet finalized, the company is studying the feasibility of a hotel and conference centre on the Waterslide property and an up-scale waterfront restaurant on the lot east of the Chateau, with parking provided on the property along the south side of Lakeshore Drive.
Leading the development team is Bert Messier, who has 30 years of experience in the development business, mainly in Calgary although he also has a major marina development at Duncan on Vancouver Island. A yacht club and marina is one more of the items still in the works at the Chateau Suites project.
"We're doing more studies," Bert says, "but we've got some ideas about putting in an island, with public access, designed to revitalize this area of the lakeshore. We think we can bring this piece of water back to life, create a nice beach and a first class marina."
The Chateau Suites is a $15 million project and Bert ruefully notes that it came in about six months late and a million dollars over budget.
"With all the construction in Central Alberta, prices are going up and everyone is very, very busy," he says. "It was tough but we refused to compromise our quality. This is a virtually fireproof and soundproof concrete structure. It's the highest quality throughout."
Every suite is complete with a full kitchen, washer and dryer, natural gas barbecue, dishes and utensils. Most of the units are owned by individuals who put them into the rental pool when they aren't using them.
"Our owners are complaining though," laughs Bert. "They say the units are too nice to rent out."
Every unit includes a parking stall in the huge underground parking garage along with a storage bay for items like water skis and golf clubs so nothing has to be carried up to the suites.
Meanwhile Bert has also been upgrading the Waterslide park next door.
"We've spent $647,000 on it," says Bert, "and this year we'll spend another $150,000."
At the same time, Bear Development Corp. has also built the 130-unit Rainbow Park condominium project and developed the Hewlett Park Landing shopping complex.
"We've finished 100 units at Rainbow Park," says Bert, and we'll be completing the final 30 by the end of this year. It has been very successful. The owners are delighted. They're one block from the beach and one block from the golf course and the whole project looks great. Some of the original buyers who bought in as an investment have already sold and made a nice profit."
Hewlett Park Landing has proved to be another huge success. Anchored by the big Extra Foods supermarket, it now includes a major building supplies store, several unique boutiques, professional offices, a service station and a McDonald's restaurant. More stores are under construction or in the planning stages.
Just as the Marina Bay residential development kick-started the Sylvan Lake housing boom a decade ago, the Chateau Suites and Hewlett Park Landing projects appear to have launched a new era in commercial development in Sylvan Lake.
Another major hotel and conference centre is under development on the site of the old downtown hotel, although financing problems appear to have temporarily stalled it.
Other developers are also now looking at Sylvan Lake with greater interest. As Bert Messier points out, where else can you find a lakeside resort community with more than two million people within a 90-minute drive? And, he adds, the immediate market area population is now more than 100,000, with Sylvan Lake itself now approaching 10,000.
All of this new development plays a part in attracting the estimated 1.3 million visitors who come to Sylvan Lake each year. However, it's also vitally important in providing a great quality of life for the families that make Sylvan Lake their home.
In addition to the commercial amenities now available, Sylvan Lake's new aquatic centre, magnificent new schools, a new library and many other facilities continue to add to the town's attractiveness for new residents. The most recent addition is the Bethany long-term care facility, now under construction.
The result is that Sylvan Lake continues to lead the parade in terms of new residential construction as well as in resale home values.
The Town has recently annexed another five quarter sections of land and development will be commencing immediately on two of them. All available lots in the quarter south of Fox Run, to be called Lakeway Landing, have already been sold, says realtor Keith Bickerton. Show homes will be ready in January.
Next to come on stream will be the quarter south of Hewlett Park, with some 40 acres along Highway 20 earmarked for commercial development, says realtor Lorne Therriault.
Lorne did much of the marketing in Hewlett park, where more than 75 percent of the 350 lots have been developed over the past three or four years. Lot prices to continue to rise, but "we're still about $10,000 to $15,000 lower than Red Deer," says Lorne.
Resale house prices have also continued to rise, but low interest rates continue to allow many buyers to qualify for both first-home mortgages and to move up in the market.
New home construction for the first six months appears to be close to last year's record pace, with $10,087,778 in residential building permits issued to the end of May, compared to $10,789,470 in 2002.
Lakefront property sales continue to hit spectacular prices. "I just sold one lakefront property for $726,000 and before that another one for $615,000," says realtor Willard Morris.
"There just isn't much available," says long-time Sylvan realtor Jim Jardine, who spearheaded the marketing of the Marina Bay project. "Anything that comes on the market is gone very quickly. I just sold one unit in Marina Bay for $550,000. The smaller units there that sold for $130,000 ten years ago, are about double that now."
And all of this is continuing in the face of block after block of new homes coming on the market.
Obviously, Sylvan Lake is a unique community and one that seems to be the ideal both for young families and for empty nesters. No doubt the pace of development will slow down at some point, but that point still appears to be somewhere in the future.