BC government seeks developers for former Kamloops hotel site
The former Northbridge Hotel in Kamloops is officially on the table for developers that want to rebuild the site.
The City of Kamloops bought the property in 2021, with plans to sell it to a developer. After delays in getting the hotel torn down, the province is now including it within its BC Builds program.
Developers can pitch their proposals to the province to build an apartment building on the 377 Tranquille Rd. property aimed at middle income households as part of the BC Builds initiative.
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It's the first Kamloops property included in the BC Housing program that offers financing and grant options for developers. BC Builds is pitched as a program that not only helps with funding but also streamlines the planning phase so shovels get to the ground more quickly.
According to a news release, projects that typically take three to five years will be sped up to between 12 and 18 months to get "from concept to construction."
City real estate manager Dave Freeman said those timelines are typical for the Lower Mainland, but in Kamloops it will likely be even faster. The province may take three months to choose a developer, but Freeman said construction could still start by next spring.
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The City still owns the former hotel site and would have sought a developer on its own, but the province's involvement will both help advertise the site and make construction easier in a market strained by interest rates and high material costs, Freeman said.
It was one of 12 properties announced as new development opportunities under BC Builds today.
Just one other in the Thompson-Okanagan region is up for grabs, a downtown Kelowna parking lot at 1428 St. Paul St.
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