Operational Planning
CNI and its affiliates are taking a different approach to financing, post-recession. We are actively seeking equity investors to join us in all of our projects for a generous share of the returns. We plan to grow with an even much lower loan-to-value debt ratio than we had before the recession, and eventually to eliminate debt altogether. We believe that this is the best approach to maintain a solid footing going forward.
Projects
British Columbia
CNI has numerous projects underway in the Fraser Valley and our affiliate companies have projects in Alberta and Washington State. We are committed to smart growth and creating environmentally responsible developments with extensive green space reserves in the communities that we build.
We have experienced an impact from the recession, along with the real estate industry worldwide. Through this period we have modified our development concepts for a number of projects, with the main theme being a shift to affordability as the touchstone. We believe this will be a key to successful development in the foreseeable future. Some of our projects are listed below.
Fraser Valley
Abbotsford
Atkinson Road
CNI plans to seek approval on a portion of this land for affordable housing, about 1,000 townhomes altogether. This development will feature about 40 acres of green space, plus some commercial, school and civic zoning, to round out a complete community. Forty acres of this land may be returned to the Agriculture Land Reserve on a designation swap for lands in Aldergrove. If so, this farmland will become a development feature, creating a 'city in the country' feel.
Gladwin Road
We purchased this land for a net price of $4,200,000 actual cost and sold it in the middle of the recession for about a net sale price of $9,000,000. Our real estate sales during the recession total about $46,500,000.
Falconridge
Located on the south slope of the Sumas Mountains in East Abbotsford, Falconridge is a showcase community of well designed homes featuring breathtaking views of Mount Baker and the Fraser Valley. Once completed, Falconridge will have some 245 single-family homes, 140 town homes and will prove to be one of Abbotsford's most desirable communities. Our plan now will be to increase the density and affordability of Falconridge Phase II, eliminating single family homes and building townhomes. This is what the current market purchasers are able to afford post-recession.
Chilliwack
Chilliwack Mountain - Lickman Road
CNI is in the planning stages of developing a residential community for the south slope of Chilliwack Mountain. This new community will feature spectacular views for the residents of the Fraser Valley. Current plans are for 300 to 400 townhomes distributed across this large view.
Sleepy Hollow - Cultus Lake
CNI is currently in the planning stages of developing a residential community of approximately 80 units. This new community will be situated on hilltop land and features impressive views of the surrounding area.
Aldergrove Development
If we are successful in our application to swap the Agricultural Land Reserve designation of 40 acres of our Atkinson Road site in Abbotsford, with a 40-acre parcel in Aldergrove, then we intend to build up to 500 homes in Aldergrove on this land. We will finance this project through new equity investment, along with conventional first mortgage construction funds. All this is subject to the approval of the Agricultural Land Commission in its sole discretion, and of the Township of Langley.
The Sunshine Coast
Columbia National Investments owns 3,286 acres on British Columbia's beautiful Sunshine Coast. The acreage is in three different locations, with 2,174 acres located minutes away from downtown Sechelt (Sechelt Plateau), 803 acres at McNabb Valley and 309 acres at Seaside Park near Port Mellon.
McNabb Valley
At McNabb Valley, CNI is proposing to build an international ocean port. The site is 803 acres of relatively flat terrain with 1.5 km of deep-water ocean frontage. The proposal includes building the infrastructure necessary to connect this facility with existing rail lines and roadways. Historically, the McNabb Valley site has been used mainly for industrial purposes.
North Road
CNI is developing a small residential enclave of 10 custom built, quality homes within walking distance to the beautiful town of Gibsons. These homes, some with ocean views, are close to all amenities and a very short drive to the BC Ferry Terminal.
Seaside Park
CNI is proposing to build an environmentally sensitive resort-style residential community at Seaside Park designed to fit within the natural environment that offers 3.5 km of magnificent south-facing oceanfront. The new homes will have stunning views of Howe Sound and Gambier Island and have waterfront access.
Sechelt Plateau
For Sechelt Plateau, CNI has proposed building an environmentally sensitive residential community on the 2,174 acres we own. This land is just east of the town of Sechelt on the Sunshine Coast. Along with spectacular 180-degree west facing ocean and sunset views, the community will have access to many leisure activities including cross-country ski trails and a golf course. This community will also have a full range of services within the development.
CNI is also proposing that a by-pass road that runs parallel to Highway 101 be built in conjunction with this development. This new road would serve to relieve the traffic congestion and safety issues on the existing road. CNI also believes that the time has come to consider a new road link connecting Highway 99 to the Sunshine Coast, now that the Sea to Sky Highway (99) is being built to an adequate standard. As part of this development, CNI is proposing to implement improvements to the domestic water system on the Sunshine Coast.
Alberta
CNI affiliated companies are actively working on purchasing partially finished real estate developments in Alberta. We expect to announce the completion of some of these deals as they complete in the near future. Equity is being provided from sources outside of Dunton Group Investments Inc. We are confident that we will provide good returns to our investors on these projects.
United States
CNI affiliated companies are actively working on purchasing partially completed housing projects in the Washington State. We are preparing to purchase five large turn-around developments of townhomes and condominiums, in the east Seattle area, which we believe is currently the best market in the United States. We expect that our equity investment partners will do very well on each of these projects. We are experienced at doing real estate turn-around work in Washington State.