In 1992 Chief Leonard
George initiated partnership discussions with both the Hong Kong-based
Kuok family, and Mr. Loong Keng Lim.
At the same time Takaya Developments, Ltd. was formed as a
corporate umbrella under which the TWN would pursue this, and other,
economic development initiatives. The
new partners identified 95-acres of Burrardview IR #3 for market
condominium and other development and soon after, planning was initiated
for a multi-phase development to be known as “Raven Woods.”
On June 24th
1992 a formal agreement was signed between the Tsleil-Waututh Nation and
3678 Investments Limited, a company owned by both Abbey Woods Development
Ltd. and Mr. Loong Keng Lim, to undertake a variety of construction
projects on Burrardview IR #3. The
key elements of the agreement included:
TWN supply of land and development approvals,
3678 Investments supply of access to capital and business
management expertise, and
Establishment of an Operations Committee that would control all
aspects of each development project.
The first partnership
for the development of Raven Woods began in January 1993 and was dissolved
in June of 1999. As required
by the Indian Act, a community vote was held to designate the proposed
building site for development. Since
1993, nine separate phases of lease-hold projects have been completed.
agreement was revised in June 1999 when the Kuok family phased out Abbey
Woods Development Ltd. and created Sligo Holdings (B.C.) Ltd. as the
vehicle for their relationship with TWN.
At the same general time, Mr. Loong Keng Lim also incorporated
Native Strategic Investments Inc. as a corporate vehicle for his ongoing
participation with the TWN. These
were cosmetic modifications only, and did not change the fundamental
relationship between the TWN, Mr. Loong Keng Lim, and the Kuok family.
The condominium developments, Raven Woods, Deerfield-by-the-Sea and Seasons fall under three separate partnership agreements:
The change from Abbey
Woods to Sligo Holdings occurred with the commencement of the Seasons
Although each phase of
Raven Woods has been developed as an independent project, each component
is managed in the same general manner.
The Management Committee members approve a budget and conceptual
design for the project. The
final plans for the project are developed with the assistance of Mr. Harry
Wong, a construction project manager and permanent employee of the
partnership team. Ms. Tamara
Poersch is similarly on staff to assist Mr. Wong, and to coordinate real
estate marketing activities. Real
estate agents are also directly hired to sell extended leases to the new
housing units. At the conclusion of the project, all construction and
overhead costs of the partners are accounted for and the profit split as
per agreement of the Operations Committee.
To the end of 2004, Takaya Developments, Ltd. has constructed over 700 condominium units that have been leased for a maximum 99-year term (The lease arrangement with Abbey Woods was for 99 years beginning in 1995. Subsequent leases to tenants are for 99 years beginning in 1995 in order that all leases come due at the same time). Seasons West and Seasons South are slated for completion in 2005 and will add an approximate 170 units to the total. In the Spring of 2005, Takaya Developments expects to begin construction of a mixed attached-townhomes and condominiums development at Raven Woods.