Riverside Mountain Lodge

[czar from afar]

Does anyone have any insight into the future developments at Riverside? I hear conflicting rumours that the new projects are going ahead (if they have not started already) and, conversely, that Bill Ing and Riverside are insolvent.

Any insights?

[marko]

New condo block has been started (but only the prep work on the ground at the moment). Riverside is for sale, but don’t know about the insolvency thing.

[zack]

Mr. Ing missed monthly rental pool payments to most of the condo owners at Riverside for up to 6 months twice in the last year and a half. Also, many owners have sold or are selling their units for significantly less than they paid just to get out of what turned out to be a pretty bad deal. I would not be surprised if the whole thing went under in the near future.

I’m not sure about new developments, but 3 for sale signs went up a few weeks ago in front of the dug out pile of garbage beside the teeny cottages in the back and the signs are gone now. Not sure what that means.

[mcclarsen]

Riverside was recently approved for a few nicer, more aesethetically pleasing buildings and the “For sale” sign (and beginning construction) is for Pinnacle Ridge’s new condo development.

[zack]

No, they were’t for Pinnacle Ridge, they were for the space for small houses behind Riverside.

[flamespowder]

I wonder if the new regulations calling for $20 per day for non BC residents to fish the Elk had anything to do with the lack of interest in this project. It was sold a few years ago as being right on the river so you could fly fish out your back door. BC has always stood for “Bring Cash” but perhaps the greed factor may finally be starting to kick in.

[griz-boy]

Cash or Credit.

I don’t think there is lack of interest. Its the track record of the developer. I can’t see it being reliant on Calgary rubber tire traffic either. As in the case of Pinnacle Ridge we are seeing more international owners than ever before. And fly fishing being only a percentage of what brings people to Fernie. Skiing, hiking, biking, wildlife, hunting, snowshoeing, xc-skiing etc.

They probably won’t be small houses either. Larger family homes, 3-4 bedroom size.

[czar from afar]

Sounds like the new development is not selling well.

[sparkes]

.

[griz-boy]

"czar from afar":2md8qf61 wrote:

Sounds like the new development is not selling well.[/quote:2md8qf61]

There is no development. Just bureaucracy. Who is going to work on this new development with the bad blood of the Riverside development. No trade-worker in there right mind would take this on, unless they got paid 100% upfront. Ing might as well bring it from Calgary to.

[tankerboy]

Bill failed to consult the current strata board with his intentions to finish out Miner’s Village as per the disclosure dated in 2001. The masterplan has three phases with a total of approx 55 homes. Bill had the idea to build different styled (and very ugly) chalets priced at a modest $500k. As he had intention to deviate from the development plan, people had to get the city and province involved to stop him.

70-80% of Pinnacle Ridge purchasers are from the UK. There is a market in Fernie, but it has to be of quality.

[zack]

Well, he’s gone belly up now and owes close to 2 million to various owners, clients and companies. Way to go Bill.

[tankerboy]

Is this true? Will Riverside go to a new owner? Any details?

[czar from afar]

Wow. Has he filed for bankruptcy?

Has construction already started on the new project and, if so, has it stopped?

Thanks.

[zack]

I’m not sure whats happening with construction but all owners and investors in Riverside received notice last week that the company is insolvent and is being investigated by some corporate fraud people (can’t remember the company’s name). There probably won’t be a new owner until all this dust settles and someone actually gets interested in buying the mess.

[czar from afar]

Hi all,

I just heard that Riverside did recently sell. Does anyone have any confirmations and, if so, details about the new owners and/or other plans?

Thanks in advance for your insights.

[griz-boy]

Sold to Stanford Inns

http://www.stanfordinns.com/

[czar from afar]

Thanks for your quick response, G.B.

Is this considered good/bad news in town?

[canatedian]

I have heard that the new owner is quite possitive and experienced, having a couple other hotels around the same size. Mr. Ing told me himself that he had sold the hotel and condos with the exception of two or three which he kept for himself. A lot of the same old staff is there or back from leaving there due to finding more stable employment. I worked out there once myself. Never had a cheque bounce, but was never pleased when pay was not met on time. The New owner “Bob” has got a lot of repair work to do (staff and community morale, new menus, and local before international networking), if I can be frank.
I wish them and every other bussiness in town a prosperous new year. I think that the trick with larger hotels and bussinesses in general is that the owners seem to think too BIG. It’s a small town with a small annual population, and if you can target and co-operate with that market you won’t have to spend time trying to draw visitors, they might hear the good news from friends and family. If I ever operate a hotel, I would have tenencies of trusting my comunity and trying to gain their support, before venturing into foreign markets.
I’ve also heard rumors about the new owner still having to come up with X amount before such a time and if not the Hotel will belong to BillIng once more.
I think that all the hotels (Bars) in town should host hospitality nights all on different nights of the week so that the employees can network and mingle over a half dozen drink specials or so. Who knows, might get the creative juices flowing. And to the owners or management who forbid people to go out in uniform, or with a simple name tag from their place of employment, look at it as free advertising and also babysitting, if your staff doesn’t show up the next day, possibly not feeling well, call the pub and see if they recognized any nametags the night before.
Sure it might sound cruel or whatever, but I’m sure all the bars could share in the benifits possitively.

The Only time I use the expression, “Don’t Go There.” is when someone tells me they are thinking of taking a trip to Iraq. George Carlin – When Will Jesus Bring Us the Porkchops? Great holiday read for the pessimist with an open sence of humor. I’ve read all his books and any of the three will make a great stocking stuffer. Here’s another sample, “Caretakers and Caregivers, do both words really mean the same thing?

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