Skyline International went on a shopping spree this holiday season, but it wasn’t gifts they were purchasing.
The destination community developer and resort operator recently acquired undeveloped and retail land in and around Blue Mountain Village in southern Ontario. Skyline spent $20 million acquiring the land at the base of Blue Mountain resort, which offers skiing, golf and lodging.
In the residential portion of the agreement, Skyline acquired all remaining developable land in and adjacent to the Blue Mountain Village. The developer plans on building over 1,200 residential and condo-hotel units, townhouses and single-family homes in the coming years.
Skyline will also acquire 50 per cent of existing commercial retail space within the village from Intrawest ULC and take over the management of the remaining 50 per cent. The company plans on developing 20,000 square feet of additional retail space on the developable land they’ve acquired.
They’ve definitely acquired a hot commodity in southern Ontario. Each year, Blue Moutain averages over 700,000 skier visits while the resort attracts approximately 1.4 million visitors.
The land acquisition deal is expected to close in late February 2013.