Over the next few years, Whistler Blackcomb Holdings Inc. is planning a massive modernization, which would include real estate developments in the later phases and a total price tag of about $345 million.Â
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The project is slated to unfold in three phases:
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Phase 1: $90 - $100 million investment
This phase will include a major investment into a new mountain adventure experience, including:
•   The Watershed, which is a year-round, indoor adventure centre located at Blackcomb’s Upper Base
•   A new high-speed lift to connect Blackcomb’s Upper and Lower Bases
•   A year-round mountain coaster, a tree-top ropes course, ATVing and snowmobilingÂ
•   New snow school learning zones, night skiing zone and enhanced snowmaking on Blackcomb Mountain
•   Improvements to Whistler Blackcomb’s existing sightseeing, hiking and mountain biking experiences
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Phase 2: $105 - $115 million investment
This phase will create a new day lodge and snow school facility within the Watershed, as well as a two-storey parking complex at Blackcomb’s Upper Base II Area. There are also plans for the development and sale of approximately 60 high-end, ski-in/ski-out townhomes near the Watershed, totaling approximately 160,000 net saleable sq. ft.
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Phase 3: $140 - $150 million investmentÂ
This phase will see a major investment into the revitalization of Blackcomb’s Base Area in the Upper Village. The project includes an upgraded day lodge and skiers’ plaza, a new snow school facility and a luxury real estate development project. On-mountain improvements, such as lift improvements and the development of an indoor action sports training facility, are also expected in this final phase.
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Whistler Blackcomb expects the Renaissance will generate incremental returns well in excess of its weighted average cost of capital. The hope of this project is to further solidify the resort’s reputation as one of the world’s greatest four-season mountain resorts for all guests, especially families.
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Of course, like any major modernization project, there will be opposition from the community. The Renaissance is not immune to this fact. Many locals are concerned about the impacts on housing, environment and culture – all of which will we discuss in our next post. Stay tuned for more.
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In our Vancouver office, David Fox monitors commercial real estate activity in the Sea-to-Sky corridor, including Whistler and Squamish. Please contact him with questions related to this exciting market.
