A rare piece of undeveloped land in Whistler has changed hands for $10.35 million.
9700 Hwy 99 is located on the northern fringe of Whistler, with seven acres (2.8 hectares) right on the shores of Green Lake.
The entire plot sprawls across a shade under 120 acres, or 48.5 hectares (with more than 110 acres on the hill side of the highway) and is zoned for residential estate.
Forested on the hillside and hosting some of Whistler’s well-maintained mountain biking trail network, the property's lakeside portion features more than 450 metres of waterfront on the Emerald Point Peninsula that juts into the northern half of the lake, giving the property watercraft and sea plane access, as well as strategic placement for access to the Whistler heliport and proximity to amenities in town.
President of real estate company rennie, Greg Zayadi, said it was a rare find, and a rare sale that is unlikely to be repeated anytime soon.
“The seven acres with 1,500 feet of waterfront on Green Lake itself—I don’t think there is anything rarer," he said. "There’s maybe been one other transaction in the history of the market that could rival it, but even that was a smaller piece of land.”
The sale of the property was finalized just last week, with Whistler-based realtor Carleigh Hofman of rennie real estate acting as the buying agent for Vancouver businessman, Kyle Stevenson, who works in the mining sector as a lithium company developer.
Zayadi said the property has been on and off the market over the last couple of years, and circumstances finally lined up for a buyer to lock it down.
“It was a matter of how to make it happen,” said Zayadi. “Working with Carleigh, we found a way to do that.”
The listing agent for the transaction was John Ryan of the Whistler Real Estate Company.
The buyer, Kyle Stevenson, said there's no place quite like the property.
“Whistler offers an unparalleled experience within a small town, boasting endless beauty, freedom and adventure,” he said in a release from rennie.
Also detailed in the release was information about possible development of the site; in that those plans are yet to be finalized.
“The acquisition of the Emerald Peninsula marks a significant milestone for Kyle Stevenson and represents his commitment to his love of Whistler and its community,” reads the release.
“As the plans for development of this unique property are still unknown, it is anticipated that when the project materializes, it will be thoughtful and will preserve and coincide with the natural beauty and landscape that surrounds it.”
Zayadi said in conversation with Stevenson through the buying process, it was clear 9700 Hwy 99 is a legacy property.
“He just believes that it's one of those rare opportunities that when it comes around, it's probably the one time it will,” he said.
“For him this is that legacy property, a legacy home that he can build for himself to enjoy on the seven acres that’s on Green Lake … the 110 acres that’s on the high side, there is currently no plans for development—it is some incredible nature. It's something that over time he’ll see what would make the most sense that does right by the land and does right by the community.”
Currently, the entire site is undeveloped, and zoned for RS-E1, or residential single estate—meaning one estate dwelling can be built on the unsubdivided lot.
As mentioned, the portion of the property on the western side of the highway includes some trails that are used by mountain bikers and feature on trailforks.
While the property sold for $10,350,000, it was originally marketed at $11,395,000.
“The price of $10.35 million is a pretty attractive price,” said Zayadi, “because a comparable assessed property is almost $20 million.
“It’ll probably never trade hands again.”
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