SYLVAN LAKE — Residential development in Ryders Ridge faltered during the economic downturn, but one of the partners behind the project is optimistic about 2010.
John Gordon, who operates Calgary-based Lamont Developments with Roy Moore and Gerry Lamont, said plans for Phase 4 of the subdivision have received first reading from Sylvan Lake town council. He hopes to get a green light for this phase — which would create 100 narrow residential lots — by the end of March.
So far, 325 single-detached lots have been subdivided, with homes already built or in the process of being built on many of these. A 30-unit townhouse is also being constructed.
“We have a fifth (phase) on the drawing boards and if the economy keeps improving we’ll bring that on too,” said Gordon.
Despite an initial rapid build-out that included Our Lady of the Rosary School and development of Ryders Square commercial area, construction of homes in Ryders Ridge slowed with the economy.
“The demand definitely shrunk,” said Gordon, adding, however, that interest last month was much better than it was a year earlier.
“It’s beginning to come back, but it’s still not as vigorous as it was in 2006.”
With Multiple Listing Service statistics showing renewed sales activity across Alberta, and with continued low interest rates, Gordon has a positive outlook on the future.
He noted that a 2010 STARS Lottery dream home located at 14 Regal Court, the second STARS dream home to be built in Ryders Ridge, is attracting lots of attention.
“We’ve probably got more amenities in our subdivision than you’d see in most subdivisions,” he said, pointing to a linear park system that connects to the town’s CPR pedestrian pathway as one of these.
Located south of 47th Avenue and west of Hwy 20, Ryders Ridge consists of about 145 acres of developable land. Ultimately, 600 to 700 lots could be created there, said Gordon.
Builders active in the subdivision are Abbey Master Builder, Asset Builders, Candel Homes, Falcon Homes, Mason Martin Homes, Somerset Homes and Unique Elevations.
Asked about the possibility of Lamont Developments extending its reach beyond Ryders Ridge, Gordon confirmed that this is a possibility.
“We’re always looking for opportunities, but nothing that we can disclose at this moment.”
hrichards@www.reddeeradvocate.com