Mccaw-Led Group Buys A Canadian Island For $19 Million

VICTORIA, B.C. - A Seattle-area syndicate led by McCaw Cellular Communications Chairman Craig McCaw has bought a Victoria-area island for about $19 million.

The group bought James Island, 4 miles long and lying off the east coast of the Saanich Peninsula, said John Yuill of Colliers Macaulay Nicolls in Vancouver, which handled the transaction.

Documents registered with the Victoria land-title office identified the purchaser as J.I. Properties Inc. of Kirkland, and the price paid as $25,889,555 in Canadian dollars.

"There are several Seattle fellows who've bought it and are presently examining their options," Yuill said.

McCaw was elected chairman of the consortium representing other Seattle-area businessmen, said Bob Ratliffe, a McCaw spokesman.

Ratliffe said McCaw's principal reason for buying the island was to stave off development.

A permit for a 210-lot subdivision on the island was extended in July for six months, Yuill said, "so that option is still open to them."

A luxury golf-course/housing subdivision has been planned since 1989, but financing problems stalled it several years ago.

Parkland Pacific Properties Inc., consisting of Marv Holland, Reid Topp and Tom Loney, bought the island for $5 million in 1989 from CIL Ltd.

Holland bowed out in 1991. The other two men continued the project with Japanese and U.S. investment.

Work had progressed on servicing 40 percent of the lots in the 91-lot first phase. Roads had been pushed in to the other 119 lots on the upper part of the island.

Information from The Associated Press is included in this report.