An Okanagan developer has purchased the property at 502 Hall Street from the City of Nelson and intends to build a $10.25-million, four-story building with commercial properties on the ground floor and 38 units of housing above.
On Nov. 21, 2016, council approved the sale of the property and in April 2017, council accepted an offer from Culos Development to purchase it for $960,000 subject to several conditions including that the developer must:
• apply to rezone the property from its present institutional to core commercial 1,
• develop the property for a mix of housing and commercial with a minimum of 30 housing units,
• complete the project within five years of the sale.
The property is currently the parking lot just west of the pool at the Nelson and District Community Complex.
At its Monday meeting, council approved first and second reading for the rezoning. The next step is a public hearing at a date not yet decided.
“They both encourage infill development of the downtown,” she said. “This development will meet both of the objectives of mixed residential and commercial, and also do some infill on that corner that has been needed for a long time. One of the goals is to increase residential capacity in the downtown core and this will contribute to that.”
The development includes a walkway at ground level between the building and the aquatic centre that would also serve as emergency vehicle access for both. There will be 65 stalls of underground and above ground parking, accessed from Hall Street.
City planner Pam Mierau reported to council at Monday’s meeting that the results of a traffic study show that there would be an average of 17 trips in the morning peak hours and 31 in the afternoon peak hours, and that this would not have a significant impact on traffic at the Hall and Front intersection.
Of the 38 units, six will be two-storey townhouses, 22 will be two-bedroom units, and 10 will be one-bedroom, all priced as mid-level market housing. There will be four commercial units on the ground floor.
When a municipality sells a piece of land or a building it cannot simply place the proceeds in general revenue. B.C.’s Community Charter states that it must be put in a reserve fund and used to pay off any outstanding debts related to the property or to purchase land, buildings, or other capital assets.