City of Kamloops Purchases Northbridge Hotel for $ 7.1 Million, Plans to Add New Rental Housing to Market | Radio NL
The City of Kamloops has confirmed that it has purchased two properties on the North Shore, including the old Northbridge Hotel at 377 Tranquille Road, for $ 7.1 million.
The plans are to create 60 to 65 units of new market rental accommodation in the old hotel – home to the Dutchess nightclub – which Mayor Ken Christian says is essential, while supporting the strategic vision of the Tranquil Market Corridor. under the North. Land-based neighborhood plan process.
“This is an exciting day for the City as we are investing in this corridor for redevelopment and strategic growth. The transformation of this site is for the purpose of revitalization, ”Christian said in a statement.
“This is a key step in the implementation of the vision that emerges in the planning process for the Côte-Nord and at the same time towards our objective of increasing the supply of affordable housing on the back side. of this property.
City staff also purchased a property adjacent to 346 Campbell Avenue – a vacant lot that once housed a liquor store – Christian noting that the City has a written commitment from BC Housing that will purchase this property to build affordable housing .
At a press conference Friday afternoon, he said BC Housing will decide what type of housing will be built on the Campbell Avenue site and who will live there.
Christian also said on Friday that while the two properties had been purchased for $ 7.1 million – roughly $ 4 million more than the estimated value of those two properties – the appraised value was $ 6.1 million, and both were listed for sale at $ 7.49 million.
Hotel ownership was valued at just under $ 2.6 million this year, up from $ 2.83 million in 2020, while the Campbell Avenue land was valued at $ 544,900 this year. year, up slightly from $ 544,500 in 2020.
“This project signals a shift towards an optimistic and positive future in this area of Tranquille Road,” said Bryce Herman, president of the North Shore Business Improvement Area.
“This site, having experienced so many social challenges in recent decades, will be the germination point of a project that brings hope and optimism to the corridor. We would like to thank the City for investing in our realization of the future of the Côte-Nord.
Tenants currently living in the old hotel will be able to stay while planning for the redevelopment continues. The City says these tenants will be given “notice” before the redevelopment, adding that they will also be helped when they need to move to other affordable housing that meets their needs.
More information on the redevelopment of these sites will be made public once the plans are in place.