Rainbow development has sub-market-value lots, homes for residents
Brian Morton
Sun
An artist’s rendering of the new $400-million Rainbow development community in Whistler.
A $400-million residential development project in Whistler will include affordable housing options aimed at alleviating a housing crunch for workers.
“This is probably the only integrated residential neighbourhood in Whistler planned to integrate full-time residents and part-time residents together, along with a seniors’ unit,” Ann Chiasson, a partner with project developer Whistler Rainbow Joint Venture, said in an interview. “This project is designed as an integrated, master-planned community.”
The Rainbow development, which will include 35 single family lots priced from $825,000 to $1.7 million, and three multi-unit villas that are expected to sell for $15 million each, will ultimately provide 200 housing units in an 18-hectare area about 5.5 kms north of Whistler Village between the subdivisions of Alpine and Emerald Estates.
Rainbow will include designated parks and riparian areas, as well as pedestrian and bike trails. There will be a commercial core with a grocery store, retail outlets, local pub, cafe and daycare.
Whistler Coun. Gordon McKeever, who is also chairman of the Whistler Housing Authority, said the Rainbow project will provide about 1,000 beds to local workers, although many won’t be available until after the 2010 Olympics.
“Rainbow is a very big initiative, with roughly 85 per cent resident-restricted housing, and 15 per cent market housing,” McKeever said in an interview. “But we won’t get all 1,000 before the Games, which is a problem. It’s a complicated project, and it took longer to get rezoning and get it off the ground and going.”
Chiasson said that while the market lots will sell for up to $1.7 million each, 70 smaller lots marketed to residents who work in Whistler will sell for about $110,000, with finished single-family homes selling to local residents for between $550,000 and $675,000 — far below market value.
As well, 80 half-duplexes will be sold to full-time Whistler residents for between $400,000 and $450,000. There will also be apartments and seniors’ residences.
The subsidized homes and lots will be sold through a Whistler Housing Authority project, which restricts price increases.
“It’s a complex formula, but [prices] go up according to the cost-of-living index,” added Chiasson. “It’s about two to three per cent a year, compared to between five and seven or 10 per cent [for market homes].”
As well, she said, the workers’ homes will be smaller than the market-value homes. “It’s for people who work in Whistler. They’re getting equity, but it’s lower.”
Chiasson said Rainbow’s market-value lots have just been put up for sale, and 35 of the non-market-value homes will be ready before the 2010 Olympics.
Chiasson said she’s not concerned about the downturn in the economy.
“We just put [the market lots] out this weekend and we’ve already sold one. The economy is a strange thing. Being a resort town, of course we’re affected. But the people who tend to look at these things can afford them anyway.
“[The market’s] soft like most areas, but people with money are still looking. There’s very good deals in Whistler right now,” added Chiasson, who is also president of Sea to Sky Premier Properties.
“We’re not dealing with Americans now. They’re buying in the U.S. because it’s such a deal [there].” Interest these days is coming from Canada, Europe and, increasingly, China.
Chiasson said she expects investment to rise significantly after the 2010 Olympics, because of the exposure.
She said international buyers are also looking elsewhere in the Sea to Sky corridor, especially Squamish because of its proximity to both Vancouver and Whistler. “There’s a lot of interest, particularly in Squamish. When that road is finished, Squamish is going to be a gem.”
© The Vancouver Sun 2008
