Bear Mountain: The Story of a Former NHL Hockey Player and His Chainsaw
by Scott A. Sumner
www.golfingnews.ca
When I got the opportunity to attend the opening of the second Jack Nicklaus course at Bear Mountain, Victoria BC I knew it would be a great event. I had a little idea of how this $400 million golf course development overlooking the Victoria harbour had come about but it would be interesting to here from founder and president Len Barrie. Over dinner after playing the new Valley course Len Barrie was forth right with his journey over the last 7 years.
“ I cut some trees down accidentally on Royal Colwood Golf Course where my home was and the board thought my son and I should be kicked out. I needed somewhere to play golf so my response to them was good, we will build our own. We put this deal together with some great partners. We started it up and get all the major infrastructure in before the world economy blew up so we are very happy,” said Len Barrie. “ It was like getting traded from a team. You want to go and kick the team in the ass and do well against them. Growing up I was competitive. If we were going to go somewhere my brothers and I would race to get to the car first. As the oldest of 6, when we played hockey and finished the game we would jump in our cars and race to the gym. It wasn’t that smart but we did it. I was always very competitive.”
“ I wasn’t very good in school so sports was always it for me. I always wanted to make the NHL as a kid. My NHL career wasn’t what I had dreamed about but we made it as journeyman and had the opportunity to play with some great players and be involved in a great game ending up to where we are today owing a NHL team, Tampa Bay,” smiled Len Barrie who last year became a 50% owner of the Tampa Bay Lightning of the NHL. “ I played off and on for 7 years in the NHLor minors and then 5 years in Europe so 12 years Pro altogether. When I was 23 I always knew I would have to work after hockey whether it was coaching or in business.
Learning along the way and having some losses my biggest strength is I know I have to surround myself with good people. Once I hire them for a job Ilet them do it. If I have to do it I know I have the wrong person.”
The Bear Mountain development was originally going to be a golf course with some homes said Len Barrie. “ It took off more than I thought. After the second year we got the HSBC bank on board for the long term who believed in the area and the project. They became a supporter which you need in a project of this size. We are now at $300 million in sales and at the end of this year we will be at $400 million after just over 6 years of selling stuff. For Canada that is quite a ride. It would have been $500 million but we hit the bump in the road and lost $80 million on different projects,”said Len Barrie. “ Like everyone else the construction costs have lowered so you reload and go. We have sold home quarter sales townhouses, condos on wood frame for $350 to 400,000 and on concrete $475 to 800,000 and more for penthouses. I have always tried to target a market everyone can afford. We weren’t sure we would get the second course in the Highlands to become a 36 hole Nicklaus design and academy but it happened.”
“ This is the best weather for all year round in Canada which helps. I love to golf but there is little time when you put 5000 minutes per month on the phone and are doing 5 full time jobs. It has been a challenge but I am looking forward to golfing this year. I love the game. The is nothing better than when you are hitting good shots You are over the ball and you know exactly where it is going to go. It is really fun and that is what I really miss about golf,” said Barrie. “
You get some breathtaking views here. We have so many great spots in Canada compared to the world. You can here a pin drop out there. It is so quiet. I pushed for a championship course but player friendly. I think it has worked out really, really well.”
“ Every day we had bumps into road. Trust me it isn't just show up and do it. I have had zoning fights, death threats, my cars spray painted and damaged. We have our own challenges but we see it turning. We signed 3 deals today. Since March we have sold 80 units. I delivered papers when I was 8 years old and had to collect money.Until you pay the bank back you are always at risk. It had been a lot of people doing a lot of good work. It has been a team effort. All the investors are still in it. We were dong better before it blew up but you adjust and weather the storm.” smiled Len Barrie.
After the success of Bear Mountain Len Barrie became an NHL co owner of the Tampa Bay Lightning with Oren Cools and couple of smaller shareholders. “ They are great partners. When you have success you have someone to celebrate with and when you have challenges you have someone to yell at,” said Len Barrie who paid $206 million for the team. “ As an
owner of an NHL team I didn’t know what to expect but did enjoy it and look forward to next year. We averaged 15,000 a game in attendance but 3 years ago averaged 19,000. We finished 30th last year and 29th this year but have a fabulous arena that seats 22,000, one of the best in the league.”
Bear Mountain is about 1400 acres in size and is one of the highest residential points on Vancouver Island. The land was bought for $8 million and has the potential to become a $2.5 billion development. “ It is amazing what a guy can do with a dream and a chainsaw. We are in an economic downturn and our president just completed a second golf course when every second one is being sold or closed down. When people are hiding and running for cover here is our president and CEO still out there and making the dream come true,” said Brad Knight, Vice President Bear Mountain. “ It it is a high end true golf course in amoungst real estate where no two fairways connect. When you see it from a high elevation it is amazing. I was here 8 years ago and I would have said he was crazy to think this development would be so big.
We are proud to be here. Len started here in Victoria as a kid and there is a lot of pride in what has happened. This is a 20 year project. You have to have some common sense and know there will be some ups and down. He has created a great family here and a great work
ethic.”
“ We have sold 480 lots, 300 plus condominiums and some 300 fractional ownerships. Right now about 300 homes are built. In today’s market you can build a very nice home with hardwood floors and granite at $120 per square foot. Lumber is at a 40 year low so it is a very
good time to build.Costs are probably down by 30% from a year ago say at $150 to $175 then,” said Dale Finlayson in charge of real estate. “ We are a little bit of a seasonal sell so will stop selling in October but have sold 65 units in 60 days this year so far. We are opening a
new phase called Players Drive and will have 35 lots by the 15th of June. 22 of those are already spoken for. Average lot price near the golf course with 6000 sq feet is about $250,000 and start at $450,000 on the course. I would say we have sold over $400 million and the
market hasn’t really affected us that much. We are close to downtown Victoria and don’t over saturate the market. Our prices have come down as has our construction cost has gone down.”
Bear Mountain have golf memberships at $ 30,000 upfront. You can pay upfront and they will give you 90 %back when sold to some else or you can finance over 30 years.
It was a lot of fun to experience Bear Mountain. This is a true Canadian success story!
