Developer and realtor Rod McLeod is leading a $40 million gamble in Prince George, but he believes in the potential payoff in his hometown.
McLeod, who heads up the Royal LePage Prince George real estate office, said Royal LePage and partners will build a 12-storey hotel and condo development and he expects it to complete in 2013. The complex will have 150 hotel rooms and 34 high-end condos ranging in price from $350,000 to $800,000, considered expensive homes in the city. The average house price in Prince George is around $248,000, according to the B.C. Real Estate Association.
Pre-sales of the luxury condos, which will be built on the top floors of the tower, start this month (June 2012). The four-star hotel is flagged, but McLeod would not release the brand name.
Asked about building on speculation in a city where real estate sales have been declining, McLeod said "there is a real demand here for high-quality condominiums and hotel accommodation." He notes that an upturn in the forestry industry, the opening of the nearby Mt. Milligan mine and an increase in intermodal traffic all point to continued recovery in northern B.C.'s largest city.
The new hotel and condo development will be built between the Public Library and the existing RCMP detachment in downtown Prince George. The city has given Royal Lepage, the primary developer on the project, a 10-year property tax incentive. The complex will create 50,000 hours of employment during construction and 115 permanent jobs, according to McLeod.
