canada Revelstoke Revived

The Revelstoke resort in British Columbia has refinanced more than $100 million worth of debt and expects to ground on its Nick Faldo "signature" golf course next year.

Revelstoke has made a long climb out of a deep financial hole -- a climb that scores of similar real estate ventures hope to duplicate. The resort was on top of the world when it opened in 2007, selling condos and single-family lots as fast as the contracts could be written. Then the housing market froze solid, and it became clear that the sky wasn't the limit, even for a ski mountain with dizzying runs and a never-ending supply of snow.

The resort's original developer, a group led by Denver, Colorado-based Don Simpson, went downhill fast. To avoid being buried alive, in early 2009 Simpson sold out to one of his partners, Bob Gaglardi, the principal of Northland Properties Corporation.

Gaglardi, one of Canada's richest people, cleaned up Revelstoke's balance sheet and is now turning his attention to construction, with his top priorities reportedly being the golf course and a new ski lift.

Tom Gaglardi, Bob's son and the resort's president, said in a press statement: "All of the debt we inherited has been retired, and we are now planning for further growth."

That growth will include the usual residential options -- 550 single-family houses, 1,500 condos, 850 townhouses -- along with 2,000 hotel rooms, more than 500,000 square feet of commercial space, and Faldo's golf course, which will be co-designed by Brian Curley of Scottsdale, Arizona-based Schmidt-Curley Design.

Revelstoke had originally planned to break ground on the golf course in the spring of 2009. Now it plans to break ground on the course in 2011, with an opening tentatively scheduled for 2013.

The village of Revelstoke is located in a particularly snowy part of British Columbia, roughly a five-hour drive west of Calgary. Some 50 feet of powder typically falls on the mountain every year, although the past winter was relatively dry. By contrast, Breckenridge, Colorado, one of the premier U.S. ski areas, gets about 30 feet of snow annually.

RevelstokeMountainResort.com