Takaya Golf Centre
Takaya Golf Centre
Takaya Developments, Ltd.
Prior to 1992 there was no formal economic development
activity carried out by the Tsleil-Waututh First Nation (TWN).
In this period TWN leaders were preoccupied with issues of basic
community survival, including the provision of public utilities and new
housing to TWN members. In
1992 the community began to develop a more formal economic development
strategy. The first step in
the process that evolved into the current Tsleil-Waututh economic
development function, was the establishment of Takaya Developments, Inc.
in 1992. The following
description of initiatives begins with a brief history of Takaya
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.
After an extended period of negotiation, the new partners
identified 95-acres of Burrardview IR#3 for market condominium and other
development. Soon after,
planning was initiated for a multi-phase development to be known as
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, including profit sharing
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 leasehold projects have been
The partnership 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
The condominium developments, Raven Woods,
Deerfield-by-the-Sea and Seasons fall under three separate partnership
The change from Abbey Woods to Sligo Holdings occurred
with the commencement of the Seasons project.
Deerfield-by-the-Sea was not completely subscribed when Abbey Woods and
Loong Keng Lim released their ownership to the Tsleil-Waututh, allowing TWN to
capture revenues wholly from the unsold leases.
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. Members of the
Committee draw salaries and other expenses that are accounted for as project
overhead costs. 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
To early 2002, Takaya Developments, Ltd. has
constructed 629 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).
From 1994 to 2002, the various partnership agreements
and separate condominium sales have generated a substantial amount in cash
distributed to the Tsleil-Waututh Nation. This
has been distributed for projects including:
Support of aboriginal rights and title legal
Profit sharing with TWN community members;
Gym/community hall construction;
Lacrosse box construction;
Takaya Tours start up and operations subsidy;
Takaya Driving range start-up and operation
Gathering Place Restaurant start-up and
Transfers to TWN educational and social
Gathering Place Community Store (and
As well as a variety of business research and
project development exercises.
Financial returns from condominium projects’ Partnerships have included more than the return from long-term lease sales. Leaseholders in each of the condominium phases pay maintenance and landscaping dues to a building association, as well as property and improvement taxes to the Tsleil-Waututh Nation. The Partnerships have also resulted in a donation to TWN of the partners equity in the Takaya Golf Centre and a contribution of equity in unsold condominiums in the Deerfield by the Sea condominium complex.