Plans for the site of the former Northbridge Hotel, which was demolished last year, are moving forward with a new agreement between the City of Kamloops and Province of BC.
Earlier this year, 377 Tranquille Road was added to the BC Builds list, which solidified the opportunity for rental housing.
On Friday, the city announced that a collaboration between the Kamloops Community Land Trust Foundation (Land Trust) and the BC Builds Housing Development Opportunities Program (BC Builds) could see a 90-unit, six-storey market housing development built.
The City has been working to identify redevelopment options that would include an affordability component, and in May of this year council authorized use of the property as a BC Builds site opportunity, subject to the transfer of the property to the Land Trust.
“We are excited to be part of realizing last Council’s vision for this property and providing attainable housing for middle-income residents,” said Deputy Mayor Stephen Karpuk.
“We share their commitment to the redevelopment of the Tranquille Corridor, to improving the safety of this area, and to facilitating more attainable market housing for our residents, and this project does it all.”
After a review of applications from developers, Kamloops-based Arpa Investments has been selected as the proponent for the project.
Arpa’s proposal includes a blend of studio, 1-, 2-, and 3-bedroom units, but the final unit mix will be determined as design work progresses.
Under the BC Builds program, 20% of the units must be rented at 20% below the market rent for a minimum of 35 years. That means 18 of the units will be below-market units.
The proposal also includes 7,600 square feet of ground floor commercial space and 23 off-site parkings stalls at 320 Tranquille Road.
The city purchased 377 Tranquille Road and an adjacent property (346 Campbell Avenue) in October 2021 for $7.15 million.
According to a news release, demolition of the former 54-room hotel cost $2.78 million and the City will receive payment of $2.66 million back from the project as part of the redevelopment.
However, the city said during the operation and demolition of the building, it went over budget by about $632,000.
“Applying the demolition cost repayment of $2.66 million, the City’s total investment in the property is approximately $4.04 million. The estimated market value of the property is $3.9 million,” the city said in a news release.
The project still needs final review and funding approval from the province, but the city hopes occupancy can happen by fall 2026.
