The city owns a prime piece of real estate waterfront property that if developed could fetch higher than average prices.
That’s according to a consultant’s report, commissioned by the city, that looked at options for a 9.5 acre property between the ferry terminal and Discovery Harbour shopping centre.
The area studied by the consultants includes three parcels of land – one owned by the city and two by a private landowner.
The consultants found that the property would best be suited for mixed use.
“Based on its review, Coriolis Consulting suggested that concepts for the subject site focus on multi-family residential, retail and service, or a mix of each,” according to the consultant’s report. “Given the size of the site and its overall development potential, there is clearly a market opportunity for a mix of uses at the site.”
The consultants suggest a multi-family building of five storeys or less, enhanced by surrounding mixed-use buildings with retail services that offer good exposure, convenient parking, and easy vehicle access.
The consultants compared their vision for the waterfront property to the multi-family, retail development mix seen in Vancouver’s Coal Harbour and False Creek, Steveston, Richmond and Malmo, Sweden – the site of this year’s World Junior Hockey
Championships.
Coriolis consultants said the waterfront location of Campbell River’s property makes it an attractive site for multi-family development.
“Coriolis Consulting thinks that the subject site could capture a significant share of the demand for new apartment units in the city,” the report reads. “Coriolis Consulting thinks it is reasonable to anticipate demand in the range of 20 to 30 units per year on average at the subject site.”
As for retail, the consultants found its location along the water and its proximity to Discovery Harbour shopping centre make the property an ideal spot for retail and service development.
“In addition, lease rates for newer retail space in downtown are high enough to make retail and development financially attractive for private developers ($20 to $25 per square foot),” according to the report. “The subject site could accommodate over 100,000 square feet of retail and service space.”
Coriolis consultants studied the waterfront property in November. Consultants met with city staff and members of the community to engage in a community charrette day and gather input from residents as part of the consultation process.
Coriolis’ report was in front of council to consider at Tuesday evening’s council meeting after the Mirror went to press.
Editorial: Disappointing end