City of Vernon sells off parcel of land to be used for new housing development | iNFOnews | Thompson-Okanagan's News Source

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City of Vernon sells off parcel of land to be used for new housing development

The City of Vernon has sold a 19.6 acre parcel of the McMechan reservoir lands (which were decommissioned in 2006) to a developer.
Image Credit: Contributed/ City of Vernon
November 28, 2017 - 11:43 AM

VERNON - A variety of new housing is on the way after a land deal between the City of Vernon and a developer.

The City has entered into a sales agreement with Vernon Reservoir Developments Ltd. for a 19.6 acre portion of the McMechan reservoir lands, located at 901 31 Avenue, for just under $6.5 million, according to a release from the city.

“The vision for a new neighbourhood proposes high quality development with a variety of housing types needed in Vernon, including single family homes on small lots, duplexes, townhouses and rowhouses. As part of this housing mix, the developer has agreed to include an attainable housing component, making it easier for average income households to buy in this neighbourhood,” the city states.

Secondary suites and carriage homes would be an option for “mortgage helpers” and would provide more rental housing in the city, according to the city.

“We’re excited that Vernon Reservoir Developments Ltd. wants to build a variety of attractive, high quality, housing in this area,” Mayor Akbal Mund says in the release. “Many of these homes will also include legal secondary suites and carriage homes that can be used as mortgage helpers for the owners. Our expectation is that this development will help ease the stress of low rental vacancy in Vernon.”

READ MORE: Average rent still going up in Vernon while vacancies nosedive

The property was previously used as a water reservoir but was decommissioned in 2006.

Vernon Reservoir Developments Ltd. will have to rezone the land and obtain a phased development agreement, which will assure the City and the developer on what the development will look like.

“This comes at an opportune time with the recent announcement of the National Housing Strategy,” Mund says. “We hope this will demonstrate that Vernon continues to be at the forefront of creating innovative solutions to housing challenges.”

To contact a reporter for this story, email Charlotte Helston or call 250-309-5230 or email the editor. You can also submit photos, videos or news tips to the newsroom and be entered to win a monthly prize draw.

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