Thomas Olsen of Moss Developments is candid when he tells the story of how buyers surprised him when he started selling The Shore, the first concrete and steel condo development in Tofino, B.C. with its own natural wood marina and pier development, on Vancouver Island’s West Coast.
Six units remain in The Shore, ranging from a one-bedroom unit starting at $525,000 to a penthouse with 1,953 square feet, listed for $1.389 million.
He was shooting for the 55-plus age bracket looking for that “second home” as opposed to a recreational retreat. Instead, the majority of buyers in the 27-unit building, which offers both retail and luxury residential space, has been young professionals in the 35-45 year age group. (Six units including three penthouses remain unsold with a lead-in price of $525,000 for a one –bedroom). Of those sold, approximately one-third of the owners are Alberta residents, while the others are from B.C. and the U.S.
“Only three units are owned by individuals 55 or older,” he says, adding that demographic shift is the result of “misreading the range of amenities” in the area and the appeal to a younger buyer able to take in a full range of activities that are water based.
Life in Tofino revolves around the water, featuring beach activities, fishing, surfing, boating, whale watching and island hopping. Tofino has long been known as the surfing capital of the West Coast as huge breakers roll onto beaches. It is also known for its storm watching in winter. The local pharmacy carried a whole aisle filled with bright-coloured galoshes. Yellow rain slickers, when fall and winter storms roll in, are as common on the street as cars.
Maria Peters of Leap Marketing, which has been handling condo sales (with Christa Frosch of Sotheby’s International Realty Canada in Vancouver as listing agent), says the architect’s open-area design – especially in the penthouses – is attractive to owners who enjoy entertaining. The units also have large balconies. It’s not uncommon, she said, to see owners arriving with guests, often flying in by private charter. Several keep extra cars in the underground parking area.
Referrals from real estate agents are honoured, says Peters. There is also just over 4,000 square feet of retail or commercial space left to sell in the street front level of the development.
One of the striking features of the town Tofino and its foreshore area (located on a peninsula) is the local commitment by all levels of government and First Nations to preserving the environment and sustainability. It’s a town that markets its forces of nature, counting two million visits a year from individuals in the region, province, Canada and the U.S. with some European (especially German) tourists coming to the area.
It is part of the Clayoquot Sound UNESCO (United Nations Educational, Scientific and Cultural Organization) Biosphere Reserve, an internationally recognized area that includes terrestrial and marine environments and extends from the southern boundary of the Long Beach Unit of Pacific Rim National Park Reserve to just north of Estevan Point. The reserve includes approximately 350,000 hectares, of which nearly 83,000 hectares are marine.
Its growing popularity with tourists and an increasing number of permanent residents combined with a limitation on land has Olsen believing that those who invest in the area will see that investment hold its value. Located at the northern tip of the relatively narrow Esowista Peninsula, Tofino’s development pattern is restricted by ocean on three sides. The town’s population is approximately 1,600 but is expected to rise to 2,500 by 2020, according to the District of Tofino’s website. Beach front property that several decades ago sold in the $100,000 to $200,000 range is now into the millions of dollars, Olsen says.
The project was designed by two of Moss Developments’ four partners, Mark Burkart (originally from Vancouver Island and who spent time at Tofino) and Walker McKinley, partners in the Calgary firm of McKinley Dang Burkart.
Both architects, said Olsen, looked at a number of sites and despite the challenges decided to build on an old B.C. Packer’s plant site, which included a wharf area, and would involve land remediation. Weston Foods, which owned the property since 1962, did the environmental clean-up and an independent audit. The existing plant, which had not operated for 15 years, was removed and the metal sheeting recycled as a donation to an orphanage in Nicaragua.
The project’s final phase – the marina – is now nearing completion. It involves a 7,200-square-foot building that will house a restaurant with a large covered patio and a wellness or yoga centre in 800 square feet of space. There’s also a kayak and surfboard lock-up area (although the main condo complex’s underground parking area has a permanent storage area for water sports items).
Peters said that when the marina buildings is completed in spring 2012 and the marina docks (with boat slips for The Shore owners) are installed, owners will be able to pull in to the area in front of the building and simply walk onto the pier to order a meal and beverage, or walk from the condo complex down the slope to the restaurant. The restaurant and its deck are built to catch the last rays of the setting sun. “There is nothing like it in Tofino,” says Peters.
The new pier and dock are in an area that keeps the old industrial ambience. It is next to a floating marine supply station for boats, while on the horizon is a large wooden hotel and boat launches for tourism excursions.
Despite owners arriving and departing, the complex has established a working strata council, says Olsen, and owners generally “teleconference” to get through the agenda.
The project was the 2010 recipient of the Vancouver Island Real Estate Board’s mixed use award (commercial, industrial, residential).
