Will deal shape Fort Langley’s future?
Controversial developer says he’ll transfer downtown properties to new foundation
Eric Woodward’s vision for Fort Langley has sometimes been controversial, but the developer hopes to silence critics with a bold plan to transfer his commercial properties, which comprise more than 30 per cent of the village’s downtown core, to a new charitable foundation.
Woodward said he wants to ensure Fort Langley remains unique in the age of Amazon and big-box retail.
“For me, revitalizing Fort Langley was never about making more money,” he said. “It was always about fighting for amazing, textbook walkable design, quality construction, unique boutique shops and restaurants, and ensuring Fort Langley remains ‘somewhere different’ for decades to come.”
In the past, the developer’s dreams for the heritage village have put him at odds with other residents, as well as Township of Langley council.
In 2013, a group of residents sued the township to stop construction on Woodward’s three-storey Coulter Berry building because it exceeded height restrictions. Council’s decision to allow the building was eventually validated by a court ruling.
Earlier this year, the developer was forced to shelve plans to redevelop three sites along Fort Langley ’s main street. At an impasse with the township over what he called “onerous and ridiculous” building requirements, he boarded up six storefronts and withdrew applications for three projects, including a boutique hotel.
The resulting eyesore caused an outcry, with one resident calling the boarded-up buildings a “black eye for the birthplace of B.C.”
On Friday, Woodward said the sites, including three acres of mixed-use commercial and multifamily properties worth an estimated $18 million, will be transferred from his Statewood Properties Ltd. to the Eric Woodward Foundation over the next few months.
The foundation, overseen by a board of directors headed by former White Rock mayor Tom Kirstein, will take control of redevelopment. Woodward said he is not selling his property to the foundation, but he will be reimbursed for it. Future profits will go to local charities.
“It is critically important to me that as a community we get it right,” said Woodward. “Imagine what the possibilities are when community, not profit, is the goal.”
Woodward’s other holdings, including the Coulter Berry Building, will be transferred to the foundation within 10 to 15 years, given the tax liabilities and numerous technical complexities involved.
In all, the foundation’s assets could exceed $100 million, with annual cash flow in the millions.
When asked about his political aspirations, Woodward said he will make his intentions known at the end of the summer. In June, he announced he may challenge incumbent Township of Langley Mayor Jack Froese and longtime city councillor Kim Richter in the coming mayoral race.
Postmedia reached out to several of Woodward’s past critics, but no one was available to comment.