Ucluelet, Island West Resort: Craig Lochhead and Grayden Hayward developing quarter-share resort

 Leaky condo developer Craig Lochhead, presently associated with the Riverbend fiasco in Coquitlam, wants investors for his proposed "zero impact" resort in Ucluelet.

Here's an excerpt from Peter Mitham's article in the Western Investor. ( http://www.westerninvestor.com/images/wi-C.pdf)


Craig Lochhead, principal of Island West
Development (2006) Ltd., which is seeking
investors to support redevelopment of the Island
West Resort in Ucluelet, agrees. Lochhead purchased
the 22-year-old resort in October 2006,
stunned by the natural surroundings and the
dynamism of the area. He wants to see that
dynamism and beauty preserved.
“We’re densifying the area, but we’ve got
to do it intelligently. I think that’s what the
market’s demanding,” he said. “[Being] closer
to zero-impact is important there, [more so]
than it is anywhere else, just because that’s
why they’re going there.”
The new resort will have an additional 94
residential units mixing full-ownership with
quarter-ownership opportunities that Lochhead
is branding as “eco-ownership.”
“You can afford to buy a resort condominium
in a wonderful place, but because you’re
sensitive to your footprint on the earth, you’ll
only buy a quarter,” he explained. Quartershares,
of course, are also more profitable for
a developer.

The same issue of the Western Investor contains an ad by Terra Nova Mortgage extolling the benefits of lending money to Island West Development (2006) Ltd.

Lenders may want to think twice about doing so, given the fiasco at the developer's Riverbend project in Coquitlam.