With site clearing work imminent on the Rainbow lands, developers released their targeted costs for the predominantly employee housing subdivision.
A resident- and price-restricted single family home at 1,400 square feet is projected to cost $410,000. Larger homes will cost $458,000. And the largest units on the biggest lots will cost $495,000.
"Thats our target pricing in this years dollars," said developer Rod Nadeau.
"Were not looking at large increases in construction costs over the next year."
The figures relate to a fully finished home including the cost of the land and all development cost charges, site preparation and building costs.
The targeted costs of the duplexes houses were also finalized.
Duplexes are expected to range in price from $358,000 to $398,000, depending on size.
These numbers were discussed with the Whistler Housing Authority and general manager Marla Zucht said they are supported by the waitlist. In other words, more than 100 applicants are pre-approved for mortgages between $400-$450,000, 77 are pre-approved for $450-$500,000 mortgages and 37 are pre-approved for more than half a million dollars.
There will be 80 duplex units and 70 single-family homes, as well as 30-50 townhouses and seniors units. There will also be a component of market housing and a commercial core in the subdivision.
Nadeau said he was signing the contracts for the site clearing work this week and depending on the fire hazard rating, work would begin as soon as possible.
"As soon as (the fire hazard) diminishes well actually start to see some progress on the site," he said.
In another months time Nadeau said they would be ready to begin the roadwork. That will be followed in the spring with the sewer and water lines.
"By (next) summer/early fall we should be ready to start house construction," he added.
Developers are shooting to have residents in their homes by Christmas 2007.
The project will be completed in phases with one-third of the development complete next year.