The City of Kamloops has confirmed it has bought two North Shore properties including the former Northbridge Hotel at 377 Tranquille Road for $7.1 million.
The plans are to create 60 to 65 units of new market rental housing at the former hotel – which houses the Dutchess nightclub – something Mayor Ken Christian says is much needed, while still supporting the strategic vision for the Tranquille Market Corridor as part of the North Shore Neighbourhood Plan process.
“This is an exciting day for the City as we are investing in this corridor for the purpose of redevelopment and strategic growth. The transformation of this site is for the purpose of revitalization,” Christian said, in a statement.
“This is a key step in implementing the vision that is emerging in the North Shore planning process and at the same time working towards our goal of increasing affordable housing supply on the back lot portion of this property.”
City staff have also bought an adjacent property at 346 Campbell Avenue – a vacant lot which used to house a liquor store – with Christian noting the City has a written commitment from BC Housing which will buy that property to build affordable housing units.
In a press conference on Friday afternoon, he said BC Housing will decide what type of housing will be built at the Campbell Avenue site and who will live there.
Christian also said Friday that while the two properties were bought for $7.1 million – about $4 million more than the assessed value of both of those properties – the appraised value was $6.1 million, and the two were listed for sale at $7.49 million.
The hotel property was assessed at just under $2.6 million this year, down from $2.83 million in 2020, while the Campbell Avenue lot was assessed at $544,900 this year, up slightly from the $544,500 in 2020.
“This project signals a shift toward an optimistic and positive future in this area of Tranquille Road,” noted North Shore Business Improvement Area President, Bryce Herman.
“This site, having experienced so many social challenges in the past decades, will be the germination point of a project that brings hope and optimism to the corridor. We are thankful to the City for investing in our realization of the future of the North Shore.”
Tenants currently living in the former hotel will be able to stay while planning for redevelopment continues. The City says these tenants will be given “extensive notice” prior to redevelopment adding they will also be helped when they have to move to another affordable housing unit that meet their needs.
More information about the redevelopment of these sites will be made public once plans are in place.
