Hesperia Development Corporation
July 16, 2010
Media Release
 
On Friday, July 16, 2010, the Board of Directors of the Hesperia Development Corporation announced that the proposed development work that was to occur on the Hesperia lands this summer is being deferred to a later date when market demand and need is more robust.

Ken Stewart, President of Hesperia, stated that current markets and the availability of housing are such that there is little need to proceed with development, at this time.   He further noted that this development was proposed by City Council as a “relief valve” to help mitigate rapidly rising prices and ensure the availability of attainable housing during periods of strong demand and limited supply.  “The site will be built-out over the next 15 to 20 years, as demand dictates” said Stewart.  “We are not currently facing strong demand, rising prices or a shortage of housing so the Board feels now is not the time to be investing heavily in infrastructure that may be under-utilized for the next few years.  Instead, we will limit our activities to planning, engineering and design such that we will be ready when demand and prices begin to escalate.”

Stewart indicated that work will continue on completing a Master Development Agreement and obtaining 4th reading from Council to approve zoning and the development plan.  Off-site development along Okanagan Avenue and on-site development of the first of 13 phases will, however, be deferred for the time being.