Former Co-op land now owned by the City of Terrace. (File photo)

City extends proposal deadline for land developments

Former Terrace Co-op property one of the locations

There’s been no interest in buying the city-owned former Terrace Co-op property along Greig Ave., but several proposals have been received for a second piece of property the city owns along Keith Ave. in the light industrial area.

The city invited purchase and development proposals for the 2.78 acre Co-op property and the 15.5 acres along Keith, the eastern a portion of which is bounded by Kenney Ave., last fall, setting a date of Nov. 30, 2018 for submissions.

In a report released at the Jan. 14, 2019 council meeting, city economic development officer Danielle Myles says the proposal date for the Co-op property has been extended until March 31 and that the city will soon erect a for sale sign on the property.

As for the proposals for the Keith Ave. property, Myles says “a package will be prepared for further consideration of council in the near future.”

READ MORE: Co-op lot back on the market

Myles noted that although there was “a flurry of interest directly after LNG Canada’s Final Investment Decision in early October” the late fall period was not regarded as a peak season for real estate sales.

Leading up to the Nov. 30, 2018 deadline, Myles also emphasized that the city was in no hurry to sell the two parcels and would only strike deals that met the city’s objectives.

For the Co-op property, for example, the city is looking for a proposal to build a combination commercial and residential development.

Along Keith Ave., the city is looking for a mixed use commercial development.

Myles did say last fall that as this year progresses, the full force of the economic impact of the massive LNG Canada development will being to unfold and with it increased investment interest.

The city has been promoting itself as the services hub for the region given its location relative to Kitimat and to Prince Rupert.

It had originally had been hoping to have sales deals locked up by the end of April.


 


newsroom@terracestandard.com

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