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Brule Point, Colchester County, NS
Golf, housing development under way
Capital being raised for project through economic development investment fund
By Our Staff
Sat. Feb 21 - 4:46 AM
Developers of a North Shore golf and housing development are pushing on with financing efforts to keep their project moving forward this summer.
The Ocean Links’ project, which includes an 18-hole golf course and nearly 150 residential lots, is being developed at Brule Point, between Tatamagouche and Brule, off the Sunrise Trail.
Project spokesman Derek Forsythe said in an interview this week that capital is being raised through a community economic development investment fund to invest in the golf course, which has been designed by Nova Scotia architect Robert LeBlanc.
"We have about 85 per cent of five holes done and hopefully, we will get nine holes completed this year and ready for 2010," he said. The speed of the course construction will depend on how much is raised through the investment fund. The finished 18-hole course, which will have 13 holes along the water, will be about 7,000 yards in length. Mr. Forsythe said a second offering will be made in late spring or early summer.
Community economic development investment funds are set up under a provincial government program that permits people to raise capital for new businesses or existing businesses interested in expanding. Investors qualify for a number of tax advantages.
Mr. Forsythe said developers will soon submit a residential infrastructure plan (water, sewer, et cetera) to the Municipality of Colchester County for approval of the first phase of the residential development, which will involve 48 lots.
There are builders interested in constructing homes on spec, and those homes will also be used as show homes, Mr. Forsythe said.
Developers expect to have all the required information together on the project by early April for people who have expressed interest.
Mr. Forsythe said the global financial crunch has not hurt the project.
"We haven’t seen any effect, and interest hasn’t waned," he said.
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