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April 8, 1998
(Finance)


Marble Mountain Development Corporation
issues tender call for condominium development

Paul Dicks, minister responsible for Marble Mountain, and Greg White, chairman of the Marble Mountain Development Corporation, today announced the development of a 31-unit condominium complex at the base of Marble Mountain in Steady Brook to be constructed by the Marble Mountain Development Corporation.

"It is important that steps are taken to encourage full realization of the tourism potential in this region," said Minister Dicks. "Once this condominium complex is established, and standards are set, other developers will see the vast opportunities, and follow suit. This is a kick start for future development, and signals that the Marble Mountain base area is again open for business. As such we welcome proposals from any and all developers who wish to develop this area in compliance with the Marble Mountain Master Plan. The condominium we are announcing today will be the benchmark for all others to follow. In addition, this development will enhance opportunities for all of the region's hospitality operators. More people visiting the area means a greater need for accommodations, restaurants, tour operators, service stations, the list goes on."

The complex will include one- and two-bedroom units. The condominiums will be sold to private owners without restrictions on their use. A condominium owners' association will be responsible for the management and day to day operations of the complex.

"A village at the base of the mountain has always been a part of the development plan. To further that end, Marble Mountain Development Corporation will construct the condominium complex," said Greg White. "We will secure conventional funding arrangements to cover the construction costs, and are confident in the demand for these units."

The firm of Pratt Henley Blackwood are acting as prime consultants and architects. Thornes Royal Lepage Realty will be marketing the development to prospective buyers.

"I am delighted with the decision to proceed with development,"

said David Gillard, president of Thornes Royal Lepage. "Based on the response we had two years ago, we feel we will have no difficulties in selling the properties."

The tender call for the condominiums will be issued within the next week.

In addition, Marble Mountain Development Corporation has sent a request to the Department of Tourism asking for funding to study the feasibility of a championship golf course for the immediate area.

"A championship golf course would go a long way in making Marble Mountain an all-season resort," noted Mr. White. "There's so much to do in this region: from skiing and snowmobiling in winter, to fishing, hiking and camping in summer. Add a top quality golf course to that equation and spinoff opportunities for everyone on the West Coast will be tremendous."

"As minister responsible for Marble Mountain, I fully support the corporation's efforts to secure funding," said Minister Dicks. "I am very happy with this initiative by the Marble Mountain Development Corporation. We have gone through a period of consolidation and now is the time to move forward. The condominium complex and possible golf course development are key if Marble Mountain is to become an all season resort."

Mr. Dicks added that the government supports the Marble Mountain Development Corporation in their efforts to ensure the long-term viability of the resort. Marble Mountain generates over $200,000 in direct provincial revenues yearly. This does not include remittances to the federal government, or tax revenues from increased activity in the local service sector.

Contact: Greg White, Marble Mountain Development Corporation, (709) 634-5844.

1998 04 08 2:30 p.m.

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