Intrawest plans a big spin-off. (Intrawest Corp.)

Many local properties to be sold

Intrawest Corp. of Vancouver, B.C., plans to sell as much as $200 million worth of Seattle-area real estate to a new entity controlled by company executives and outside investors, according to sources close to the company.

The big, publicly traded Canadian developer plans to spin off much of its Puget Sound portfolio in order to focus on its resort properties, sources said.

As currently conceived, three Puget Sound subsidiaries or affiliates -- Intrawest USA, Intrawest Industrial and SunCrest Homes -- would be involved in the spinoff.

They would transfer their interest in most of about 18 apartment, condominium, single-family and industrial projects they control in the Seattle area, sources said.

In Canada, Intrawest Corp. plans a similar ploy to spin off the office buildings, condos and industrial parks that it owns in British Columbia and Alberta, sources here and in Canada said.

A deal is imminent, but …