Kamloops Real Estate News

This article appeared in the Kamloops This Week on Friday, February 12, 2010 and was written by Jeremy Deutsch.

The building train in the River City kept a-rollin’ all month long. Construction in the city for the beginning of 2010 is keeping pace with the strong finish that marked the end of the previous calendar year.

The number of single-family building permits issued by the city in January hit 13, compared to just two in January 2009. That helped spur the overall construction value for the month to top $13 million, compared to just $3 million the previous January. The city also handed out $8 million in commercial-building permits for the month.

The positive numbers are a surprise, said David Trawin, the city’s director of engineering and development. “It’s gearing up to be a good spring.” he said noting another 13 projects worth more than $1 million are already being reviewed at city hall for February. Trawin said the flurry of activity is a result of the warm winter, which kicked off the construction season early. He expects permits to drop off as spring turns into summer.

Last year, the city recorded $160 million in construction activity, surpassing expectations. This year, it’s forecast to issue $120 to $130 million in permits.

The strong month is mirroring the number of housing starts in Kamloops.

According to the Canadian Mortgage and Housing Corporation, 21 new single-family homes started construction in January, up from six the previous year.

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I found this article online written by Cam Fortems of the Kamloops Daily News.

With B.C. and the rest of Canada gradually climbing out from a deep but short-lived recession two Kamloops developers are looking to the future with renewed confidence.

While construction cranes creaked to a stop in many B.C. cities, including Vancouver and Kelowna, developers in Kamloops continued building and planning through the gloom Because of that confidence they are poised to sell condominiums under construction on both sides of the river. “We’re just over half sold on our residential and two-thirds on the commercial side,” said Mike Culos, developer of the Landmark One project at the corner of McGill Road and Summit Drive.

On the North Shore, Library Square developer Casey VanDongen, opened show suite and marketing office on Northills Mall and has poured the second-floor concrete “We’ll be waterproofing that with the intention of completing the library in March.”

Both projects represent major developments for Kamloops. The Library Square project will see 145 condominium units constructed along with a new North Shore library and commercial units on Tranquille Road.

Buyers of the units will also qualify for a special City of Kamloops incentive designed to focus development downtown and the North Shore: For five years owners will pay no property taxes and for the following five they will pay reduced taxes.

Culos’s Landmark One project calls for eventual construction of a 21-storey tower, what will be the city’s tallest building. To get there, he is starting with smaller buildings on the property. New owners will move into their new Landmark One units at the end of January. And Culos plans to have a show suite on the property ready by the first week of December. “That’s when we’ll sell to people who want to look, feel and touch.” Culos said he’s satisfied to be where he is on the project, considering the tough times for the world economy over the past 12 months.

The location, where a new traffic signal was installed and will soon be in operation, will eventually be home to four buildings: the current 36-unit residential building plus commercial on the main floor; a twin of that building; an all-commercial building and the tower.

Culos said he’s moving toward design for the commercial building, which he expects to sell quickly. The twin to the current building under construction will start once the residential units in the first building are about 80 per cent sold, Culos said. The Kelowna developer has a history of success in Kamloops, beginning with the Plaza Station development more than a decade ago. The South Shore building is more advanced and pre-sold units before last year’s economic crash.

Van Dongen expects sales on Library Square to ignite with continued rock-bottom interest rates and an improving economy. His development firm, locally based Tri-City Contracting, is focusing on completing the library interior and finalizing working drawings for its residential portion. “We’re hoping to start framing on the residential as soon as spring breaks or a little earlier.”

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This article appeared in the Kamloops This Week “City Hall Briefs” section on Friday August 14, 2009.

It was smooth sailing for a couple of large North Shore developments at a public hearing this week. City council unanimously approved a pair of rezoning applications for a seniors’ housing complex in Brocklehurst and a shopping centre in Westsyde.

The RiverBend Seniors Community, located at Tranquille Road and Mayfair Street, met no opposition from the public on its way to being approved. The development, headed by the Thrupp Manor Society, will offer 266 multi-family seniors’ residential units comprised of 66 below-market rental units and 200 life-lease market-housing units. RiverBend will also include commercial space oriented to support services for seniors living in the complex, along with a wellness clinic. Construction on the project is expected to begin in October.

Mayor Peter Milobar said the development should help ease the demand for low-income and seniors’ housing in the city. “I think it’s a nice fit,” he said.

Council also gave the green light for a shopping centre on a 2.5-hectare piece of land at 3260 Westsyde Rd. That application also passed without any opposition.

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