Downtown Campbell River is losing some free public parking but gaining market housing and commercial retail space through the sale of city property on Cedar Street.
The City of Campbell River is selling 1022 Cedar Street, previously designated as 540, 560, 580 and 590 10th Avenue, to Alder Heights Holdings Ltd. (AHHL) for $1,646,000. The parcel of land is currently being used as a free downtown parking lot.
The proposed development will see the construction of a six-storey, mixed-use building, featuring ground-floor commercial space fronting Cedar Street and 65 residential units in the five-storey building above. The city will retain 600, 620 and 640 10th Avenue, which will continue to serve as downtown parking.
“This property sale will facilitate development within the downtown core and offer much-needed residential and commercial spaces,” says Campbell River Mayor Kermit Dahl. “Council is committed to delivering on our strategic priorities and this supports Campbell River’s economic growth and vitality while also advancing downtown revitalization.”
AHHL approached the city on the proposed development and the parties entered into a conditional agreement for the sale of the city-owned properties at 540, 560, 580 and 590 10th Avenue. As part of the property sale, the city has consolidated the four lots into one with a new civic address of 1022 Cedar Street. AHHL will purchase the land from the city at what is being called fair market value, which was established at $1,646,000 through a third-party appraisal.
