COLUMBIA STREET PROJECT MOVES FORWARD
Kamloops city council has advanced a second housing agreement with BC Housing that ensures the second building in a 251-unit rental development will be set aside for affordable market rental homes in perpetuity.
The rental development will be the second project under the provincial BC Builds program to rise in Kamloops, slated to rise on a plot of province-owned land on the southwest corner of Sixth Avenue and Columbia Street.
Council approved a housing agreement for the first 126-unit building in June.
On Tuesday, council voted in favour of authorizing the first three readings of the housing agreement bylaw. One more vote is required at a future meeting to finalize the decision.
The agreement will ensure the units are set aside for affordable rental housing in exchange for reduced parking requirements and a 10-year tax exemption on the increased assessed value of the property.
The five-storey building will include 125 units of housing.
“Twenty-five units within the development will be secured as below-market rental units, with the balance of units providing affordable rental housing targeted towards low and moderate-income earners,” a city staff report reads.
The first six-storey building in the Columbia Precinct project will include 126 units of housing.
The second building is planned to include 74 parking stalls, for a total of 146 parking spots across the entire development.
Both buildings will be operated by non-profit Connective Support Society.