Two of Ottawa’s long time builders (Minto and Richcraft) are teaming up with Clublink, the owners of the Kanata Golf and Country Club (and about 50 other courses) to develop the site for residential purposes. The course sits on prime real estate in Kanata Lakes and with the golf business sagging somewhat in recent years, Clublink is continuing down the road of trying to cash in their real estate investments. Here is a link to the Ottawa Citizen article on this news: https://ottawacitizen.com/news/local-news/clublink-wants-to-bulldoze-kanata-golf-and-country-club-and-redevelop-with-two-home-builders
Déjà vu all over again?
Those thinking this is “déjà vu all over again” are correct, as we recently had news of a similar proposal for the Stonebridge GC in South Barrhaven that is owned by Mattamy Homes. Mattamy has apparently backed off for the time being, after significant community backlash. Clublink has also already been working on plans to develop the famous Glen Abbey golf course in Oakville, for several years-so they have been down this path before.
“Highest and Best Use”
The key principle of real estate value in appraisal is called “highest and best use” which basically means “what use would maximize the value of this piece of property? In the case of many golf courses, the land value for development purposes clearly outweighs the value as a golf course.
Community backlash, for sure…. but will it be enough?
There will most assuredly be a vigorous community campaign to stop this proposed development and one hopes it succeeds but don’t count on it. The builders and developer have done their homework and at the end of the day, have more resources, should they choose to get this done.
Stark reminder for all homeowners and buyers (and their agents!):
This is a compelling example of what may happen in any neighbourhood and buyers and homeowners have to keep this in mind. The only constant is change and just because something is so today, does not mean it will always be. We constantly see examples of listings where there are “no rear neighbours” (at least today) and we always do our best to research what could conceivably get built on any nearby vacant land or if in fact, something is already proposed.
What could get built here some day?
Today’s farmers field or vacant lot, could be tomorrow’s gas station, mall, office building or condo tower, so buyers and their agents will want to do their homework and also weigh this intangible in their analysis of property suitability.
Even a couple of blocks away, property that is zoned or could easily be rezoned could mean a tall condo building soaring over your back yard someday. Not easy to predict but worth thinking about nonetheless.
Gord McCormick, Broker of Record
Oasis Realty Brokerage 613-435-4692