Old bank to become new gym

NORTHERN Savings Credit Union has sold a two-storey office building in one of the largest downtown real estate transactions in years.

HERE IS Loralie Thomson in front of the old Terrace and District Credit Union building on Lazelle Ave. She has bought the building and is renovating the main portion downstairs to serve as a gym.

THE NORTHERN Savings Credit Union has sold a two-storey office building on Lazelle Ave. in one of the largest downtown commercial real estate transactions in recent years.

Loralie Thomson has purchased the building on the 4600 Block of Lazelle and is having a portion of the first floor renovated to hold a full-service gym.

The structure was built by the Terrace and District Credit Union and housed its facilities for three decades but when the institution was absorbed into the Northern Savings Credit Union in 2006, the building became surplus to the latter’s needs.

It was put on the market after Northern Savings decided to build its own building just to the west on the corner of Lazelle and Sparks. It opened in 2009.

Listings at first were in the $1 million range but the final sales price was $800,000.

Northern Savings interim chief executive officer Bill Nicholls said the credit union was happy to see the building sold.

“And we’re glad to see it going to someone in the community,” he said.

Nicholls said the building did not fit into either the credit union’s long term plans nor was the credit union in the business of being an owner of commercial real estate or of being a landlord.

Money that had been tied up in the building was an asset, and it can now be leant to customers, said Nicholls.

For her part, Thomson said she had no intention of buying the building until driving by one day and noticing the for sale sign.

“I’d been looking for a place to open a gym but just couldn’t find something suitable for what I need,” she said.

One of the attractions was the parking lot area on the west side of the building, Thomson added.

The gym, to be called My Fitness Centre, will go in where the Terrace and District Credit Union had its offices and take up approximately 4,000 square feet.

The eastern end of the first floor, where the Terrace and District Credit Union had its executive and loan offices, will eventually hold the offices of Timber Baron, a company owned by Thomson’s husband, Lee. The two vacant storefronts on the western end of the main floor will stay as they are.

“I just feel Terrace has a need [for a gym]. There’s only one other one right now and there’s the pool,” said Thomson of her plans.

The gym space will be complemented by a retail section selling fitness and recreation wear.

Renovations have started and Thomson expects  to be open the middle of this month.

Just Posted

ValhallaFest readies for second annual weekend event

Number of festival-goers expected to double

Family frustrated Terrace dad with advanced cancer must wait weeks for treatment

‘We can see his health declining every day,’ daughter says

Board of Education hires independent consultant to review SD82 reassignments

Review will not change recent decisions but will gather input, says board chair

Nisga’a mortuary pole unveiled in Prince Rupert cemetery on Father’s Day weekend

First-ever pole raised in the Fairview Cemetery was in honour of renowned carver, Robert Tait

VIDEO: B.C. First Nation plans to launch legal challenge after Trans Mountain approval

Meanwhile, Premier John Horgan says he’ll continue to defend the B.C. coast

Federal cabinet ministers visit Edmonton, Calgary, in wake of TMX approval

Natural Resources Minister Amarjeet Sohi is set to visit Trans Mountain Corp.’s terminal in Edmonton

B.C. municipality prepares to forbid overnight camping by homeless despite court ruling

While courts have ruled against blanket bans, Langley City is employing a site-by-site approach

B.C. auditor says Indigenous grad rate highest ever but education gaps exist

The percentage of Indigenous students graduating from B.C. public high schools has hit its highest level ever

Statistics Canada reports annual pace of inflation rises in May to 2.4%

Transportation prices gained 3.1 per cent as the cost of air transportation added 8.9 per cent

Rich U.S. donors fund anti-oil activism, meeting hears

Much of the organized opposition to oil and gas development in Canada… Continue reading

MPs hear retired B.C. nurse’s petition to change compensation for fatal medical errors

Teri McGrath wants provinces to implement no-fault system for medical errors

Demonstrators on either side of Trans Mountain debate clash in Vancouver

Crowd heard from member of Indigenous-led coalition that hopes to buy 51% of expansion project

Grieving B.C. mom hopes Facebook message leads to new investigation into son’s Surrey homicide

Criminal Justice Branch didn’t lay charges, concluding no substantial likelihood of murder or manslaughter conviction

Most Read