The Horizon Project at Semiahmoo was going to be a 145-acre resort community with luxury homes overlooking the bay, but it was seized by a bank in 2007.
The project was sold Monday for $5.88 million.
Mike Kent, Windermere realtor and host of “Radio Real Estate” on KGMI, says the Horizon Project was worth almost $40 million before the great recession.
Yesterday’s sale means that more than $35 million in large commercial property has been purchased near Birch Bay in just the last 15 months.
Kent says most of the buyers are Canadians who are bringing new dollars and a new vision to the Birch Bay Semiahmoo area.