City closes on another million dollar land sale
THE city announced today it has sold a section of land for $951,000 to a developer who plans to build an apartment complex with 105 units beginning this summer.
The currently undeveloped 2.4 acre section, located at the corner of Kenney St. and Park Ave., was purchased by Coast to Coast Holdings Ltd., and the company says its housing project will include some affordable housing units.
“We will develop 105 apartments, including some low cost housing units,” said Kim Gregoire, Executive Administrative Officer for Coast to Coast Holdings in a release. “Construction will commence during the summer of 2014 as soon as permits are issued.”
Terrace mayor Dave Pernarowski said the sale of land fulfills some of the city's commitment to expand housing options in response to growing demand. “The sale of this undeveloped land will help to provide more housing for our community,” he said.
The land's estimated worth as of February was $408,000. At one time it was the location for a provincial transportation ministry maintenance and operations depot.
The city advertised the property for sale earlier this year, setting a minimum offer price of $450,000.
The sale to Coast to Coast follows a city policy of selling certain city-owned lands only if there is an affordable housing component included in the developer's plans.
Coast to Coast is connected with a Calgary-based company called Strong Arm Labour Force Corporation. It provides employees for the construction and mining industry.