Five-storey apartment complex planned for Main Street in Sicamous
A five-storey apartment complex is planned for Main Street in Sicamous.
Western Canadian Properties Group won the bid to develop the district-owned site at 425 Main St.
Sicamous will provide the land for a token $1 to get it developed.
The company is seeking a 10-year tax holiday and waived development cost charges.
The developers and district would enter into a covenant that would allow Sicamous to legally have some control over the use of the property for up to 20 years.
Part of that deal would also mandate tenants' incomes be tested against Canada Mortgage and Housing Corporation affordability criteria for 80% of the units.
The building would have a split of two- and one-bedroom apartments to be rented at market rates. There would also be retail on the ground floor and stand-alone garages built at the back of the property to be rented out for additional income.
Mayor Colleen Anderson was clear in her support for the project.
“This is one of our strategic priorities, adding space to Sicamous. Having a developer come in and develop it and property manage it, bringing $50 million in our community,” Anderson said.
Western Canadian Properties vice-president Jim Ferrie said that he wants to start construction in the spring, with completion 12 to 14 months later.
Rents will range from $1,700 to $1,900 a month for two-bedroom units, and $1,200 to $1,400 for one bedroom, said Ferrie.
Coun. Ian Baillie was the lone voice expressing concern about the project.
“I want to really like this project, but I have a lot of concerns around the land transfer. I have a lot of concerns around where the rent starts. I have a lot of concerns around the incentives, how much that costs. I mean, my calculation on the back of a napkin was in excess of $2 million,” said Baillie.
“I also have, frankly, a lot of concern that ... this project isn't what we talked about to the community. It just isn't.”
Baillie said he’s not sure the project is a good fit for Sicamous
“I don't think this aligns to where the community wants us to be. I don't think this is meeting what their expectations of us are,” he said.
Council agreed in principle to the proposal.
PRIOR PROJECT PRODUCED BY WESTERN CANDIAN PROPERTIES