A new 221-lot residential subdivision is being proposed for the northwest shores of Moose Lake. Vancouver-based developer MMT Properties Ltd.
A new 221-lot residential subdivision is being proposed for the northwest shores of Moose Lake.
Vancouver-based developer MMT Properties Ltd. is in the midst of finalizing the plans for a large, lake front community just west of the Town of Bonnyville.
Design plans and an accompanying area structure plan for the new development are "95 per cent complete," according to Kenneth Megale, President of MMT Properties Ltd.
Megale was in Bonnyville last week to officially meet local realtors, government officials and find investors for the project.
"Not only is it an unique development but it is a unique and safe investment," said Megale of his project, officially titled British Properties.
"Bonnyville is part of a prosperous area and the budget works in terms of what we're paying for the property and what the market is here."
The 90-acre parcel of land targeted for the proposed development is cornered by Highway 660 on the north side and Range Road 474 on the west side.
Initial plans for the subdivision have two main roads entering the community, both running east of Range Road 474.
These two roads - King Arthur Road and Lady Guinevere Boulevard - stand out as two of the more uncommon aspects in the development plans.
"We wanted to do something different in real estate that makes the development uniquely named as it is uniquely situated," said Megale.
"We wanted to inject some life into the development. We wanted it for the kids and for the families."
The other two connecting streets on the design are Sir Lancelot Road and Merlin's Path.
Scheffer Andrew Engineering Ltd. is the lead behind the creation of the plans and has been working directly with the MD of Bonnyville throughout the design process.
Right now Megale is trying to find investors for 20 waterfront properties and 10 water access lots.
"Our pricing is going to be pretty much equal to what it is in town," said Megale. "So if you are a young family and you are starting out, yes the kids can't walk to school and yes it won't be the easiest drive in winter, but it is a community."
Megale says he expects MMT Properties Ltd. to officially purchase the land sometime in October. From there it will take roughly nine to 12 months to get the necessary permits, and then he expects another 12 months before the first lots are available.
As for right now, the company is just looking for those interested in getting their hands on a lot. Waterfront properties are selling around $150,000, while water access lots are $50,000. Those who invest in the subdivision now will get their pick of a lot in two years time when the development is ready.
