Horizon at Semiahmoo, a major development project that originally had plans for more than 675 single and multi-family homes as well as 130,000 square feet of commercial space, was sold by Union Bank to North America CC Chang Jiang Investments, LLP The selling price was $5.88 million, said Mike Kent, a Windermere real estate agent representing Union Bank.
The deal has been in the works for nearly eight months, according to Kent, and the buyers are patiently planning what they want to do with the land now that's been acquired. The distressed property was foreclosed on, and then sold to Union Bank after Everett-based Frontier bank failed in 2010.
Realtor Patrick Starr, who is representing the buyers, said he doesn't expect anything to happen quickly. "They want to do it once and do it right," he said. "You won't see lots going up for sale tomorrow. My job for the next three months is to talk to developers and get ideas. [The investors] want to do what is best for the community."
In the past 15 months, more than $35 million in commercial property sales have happened within a 5 mile radius of this development, and Kent feels it bodes well for the future, since the out-of-area buyers are bringing fresh capital and vision to the Birch Bay-Semiahmoo area. The properties make up more than 1,200 acres combined and include the Marin Condos, Birch Bay Waterslides, Sealinks Golf Course, CJ’s Beach house restaurant, the Horizon development, Birch Bay Square and over 1,000 acres of various parcels on Birch Point. "There's really only about 4 buyers that are making these purchases," Kent said. "And they haven't even collaborated yet. They all are very keen on doing what's best for the community, though, so it'll be interesting to see what happens."
For more on this story, check out the January 31 edition of The Northern Light.
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