Largest ever Kamloops residential development clears final hurdle at City Hall
Kamloops city council approved a development permit for Kelson Group to build the largest residential development in the city's history.
The City Gardens project has been advertised for over a year, with Kelson Group aiming to transform the city skyline with a development that will cover an entire city block.
“It’s the largest and highest value residential development permit ever issued,” Eric Beach, the city’s planning and development supervisor, said in a press release.
The total value of the project is anticipated to be over $200 million, and buyers are already lining up for the 525 unit residential project.
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Kelson Group president Jason Fawcett said they have a large database of people frequently inquiring about when pricing details will be released, and when they can line up to buy a suite.
Kelson Group is aiming to break ground on the 807-space parkade in March 2022, with pricing details expected to be released in the spring.
A total of six buildings are included in the plans, and all will be built on the 400-block between Battle and Nicola streets.
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Two towers, at 24 and 20 stories each, will be the tallest of the six buildings. Those two will have commercial space on the ground floor.
There will be four more six-storey buildings and two three-level underground parkades, according to a report presented to council.
While the long-awaited development permit was finally approved on Dec. 14, the proponents will also be required to pay a $960,000 landscape security fee. Council is also yet to approve a road closure bylaw for the alley between 4 Avenue and 5 Avenue and a portion of Nicola Street for the parking development.
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The project will also qualify for a Revitalization Tax Exemption bylaw, which can exempt developers from municipal tax for the assessed value of the property. The bylaw exists as a way to encourage development in certain areas of the city.
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