Canadian resort on market for $37 million

The Wyndansea Oceanfront Golf Resort property in Ucluelet on the coast of British Columbia is on the market for $37 million, following foreclosure by a syndicate of lenders on a $24 million note to developer Marine Drive Properties.
 
The 360-acre property includes a partially completed Jack Nicklaus-designed golf course in addition to property planned for residential and hotel development.
 
In addition to the golf course, the master plan for the property calls for a five-star hotel, luxury condominiums and a series of oceanfront residential lots called the Signature Circle. Some of those lots have been essentially completed, but the golf course needs an irrigation system, among other items, for completion.
 
Marine Drive Properties said the property was valued at $79 million as recently as April of this year, with an anticipated value of $650 million at full build-out. While the property is actively being marketed for sale, Marine Drive Properties executives have said they are hoping to raise new capital to replace the original lender group and continue with the property’s development. 

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