The Rise Development under New Ownership is Turning the Corner
VERNON, BC, Oct. 5, 2012 /CNW/ - On Friday, September 21st, Steven Reilly, the Chairman of the Board of Directors for The Rise development and 5 members of the Board of Directors, met with Vernon City Officials including Mayor Sawatzky, Councilor Catherine Lord, the CAO, and senior staff representing Planning, Engineering and Economic Development. The business meeting was arranged by The Rise and was held at their Discovery Centre. This was the first meeting of the Board members with City representatives since the restructuring of The Rise development's debt and ownership change in December 2010. The Board members were encouraged by the City's presentations regarding its strategic direction and economic plans. The meeting confirmed that the Rise development plans align with those of the City.
On Sunday the Board approved the remediation of deficiencies along Okanagan Hills Blvd., including the installation of some lighting and sidewalks, which were left unfinished at the end of 2008. An economic feasibility study is now underway to renew development at The Rise in the Belago sub-division which overlooks the adjacent vineyard with a panoramic view of the valley and the lake. The study should lead to the development of new housing product in Belago starting in the spring of 2013. The new Board of Directors of The Rise is committed to the full development of the project and these are the first steps by the Board toward fulfillment of that goal.
The Board, on behalf of the new shareholders of The Rise development, has been engaged in restructuring outstanding debt, and positioning the development for future success. Steven Reilly, Board Chair, commented that "we are finally turning the corner and ready to move the project forward".
In addition to meeting with City officials, the Board met with The Rise Community Association, management of the golf course and land development and held an open house with local realtors. The candid feedback received was very helpful in giving the Board of Directors a good perspective on the issues facing The Rise and will be considered as the development goes forward.
The Board intends to advance The Rise development to completion.
The Rise, a YK Projects Ltd. Development
SOURCE: YK Projects Ltd.For further information:
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