THE developers of a townhouse complex on the corner of Cory and McConnell on the bench, say a road they had to build as a requirement for the development is nearly ready to be turned over to the city.
The short block, which will be the 3700 Block of Cory, has been cordoned off since last year pending city approval that its construction was done correctly.
“It’s not just asphalt. There are underground services there as well – sewer, water, power,” said Jeremy Towning from Vancouver developer SwissReal last week. “It’s just taking a little longer to get all of those approved. We’re just weeks away.”
City communications officer Brian Doddridge said that once the city has examined and approved all of the documentation for the road’s construction it will become part of the city’s road nework.
“If the developer needs the infrastructure, then they are responsible for constructing it. This is a standard model used in most municipalities,” he said.
The seven-unit townhouse development built by SwissReal is the first phase of more to be built just to the south of this finished one, said Towning.
“We’re planning 27 more,” he said. “We put our heart and soul into it. We’re there for the long term, at least 20-30 years.”
SwissReal was one of a number of companies to come to Terrace as speculation grew of a liquefied natural gas industry for the region.
Even if there is no liquefied natural gas industry, Towning said Terrace is well-situated.
“There’s the industrial development park close to the airport and you’re going to get a new hospital. There’s lots happening,” he said.
While SwissReal did pay for the construction of the road and services it will be compensated proportionately by future developers building along that block of Cory.
That’s done by what’s called a latecomers bylaw which is in effect for 10 years, said Doddridge.
“The city is an intermediary and forwards the funds to the original developer,” he said.
There’s also a five per cent holdback on the part of the city should any deficiencies in the construction be subsequently found, Doddridge added.
And until the road is accepted by the city and the strata development approved, units cannot be sold, he said.
“However, the city cannot withhold an occupancy permit once the building is complete. It is permitted for people to live in the buildings before the road has been approved,” Doddridge added.
In anticipation of the road being approved, one unit is in the process of being sold, said realtor Rick McDaniel who is handling the transaction.
“The conditions [for sale] have been removed but the sale has not yet been completed. That should happen in three weeks,” he said, adding the development is a welcome addition to the city.