Bunk articulated what I was thinking much better than I could have. With the proximity of Panorama (and its ample real estate, to say nothing of the rest of the Invermere area) it could be very difficult to sell condos/homes another 30km up the road.
For those interested here is the Jumbo Resort website with lots of information on the project:
http://www.jumboglacierresort.com/index.html