59 homes planned for six-storey North Kamloops development project
Kamloops city council is set to consider a six-storey housing development along Tranquille Road next week.
Developer Arpa Investments is planning 59 homes in the six-storey building at 320 and 348 Tranquille Road, according to a City staff report.
The six-storey building would include a mix of studio, one-bedroom and two-bedroom suites, with the majority dedicated to one-bedroom units.
The project, dubbed "The Innova," will also include a courtyard fronting Tranquille Road, ground floor restaurant space and a four-level parkade with 126 spaces behind the residential building.
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Part of the property includes a section of Clapperton Road the City of Kamloops sold to Arpa for $200,000 in September.
Council will consider the development permit on Tuesday, March 28, which would include a $191,250 landscape security fee.
The project is on what's largely vacant properties and it will likely be exempt from 10 years of property taxes, according to the City's tax exemption bylaw. That bylaw is meant to encourage development in certain core areas, leaving the developer to pay the assessed value before building.
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