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Crofton could be one of the nicest town on the west side of Vancouver Island. In ten years from now if the mill closes Crofton may become a condo mecca that could feature 30-40 story high rise condo buildings, restaurants, waterfront golf course, high end marina, rail excursion terminus, casino and cruse ships dock.
The lay of the land that the town is on is very conducive to redevelopment and or gentrification. Crofton is on the sunny side of the Island and faces east to Salt Spring. Almost all the houses in the town could or have an ocean view. The land is gently sloping like a large bowl. With current prices held to a low level this could be the time to buy. If the mill closes major developers will be lining up to buy the mill land. There is no golf course I know of on the west coast that has islands that are part of the course. The island that the mill owns could be part of a fabulous waters edge golf course. The bay between the island and the mill site could be a large high end marina for extreme super yachts. The mill site has a rail line that is connected to the Vancouver Island rail system that could offer island tours. Deep Sea ports are relatively rare on the West Coast. Most of the major cruise ships lines that go from Seattle or Vancouver to Alaska are looking for new one day destination stops. Who knows maybe a Casino might be part of the mix. The thing is if the mill closes it is just part of the evolution of the area. Life goes on and these are just some of the possible things that could happen. North Cowichan will loose a 6.7million if the mill closes. Here is a good article on tax issue . A mega condo/tourism development would replenish their tax base and replace local job that would be lost. It will be interesting to see what happens over the next few years or so. The value of land is really based on local zoning. If North Cowichan loses half it's tax base the pressure will be on. I can not remember seeing any local gov chop spending to make up such a big shortfall. Bureaucrats look after themselves and their own jobs first. If it comes to rezoning or lay offs at the local district I would put my money on rezoning. The district may have won the court case against Catalyst but trying to collect may be difficult.
Crofton could be a fabulous development making it one of the best towns on Vancouver Island. Why wait until the prices are sky high buy now and ride the prices up. If Salt Spring is over your budget and you want to be on the west coast give Crofton a serious look. I think Crofton is probably one of the lowest price places on southern Vancouver Island with the biggest potential for making the highest returns on your real estate investment dollars. Here is the link to the Crofton MLS. I can show you any home in Crofton. Cheers Scott Simmons
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