‘It’s almost like the stars have aligned’: North Shore benefitting from developer incentives

“These two buildings were sort of the revisioning (sic) of Spirit Square,” said NSBIA Executive Director Jeremy Heighton. “The idea with Spirit Square, of course, was that it was a community connection space. It will still retain some of that look and feel. The first building here should open this spring, the second one that they’re constructing over on this side, of course will probably open sometime this fall.”

The mixed-use development, known as The Tapestry, is among a number of recent projects revitalizing the North Shore.

“It’s almost like the stars have aligned now,” Heighton said. “We’re seeing the tax exemption bylaws being shifted, we’re seeing community planning moving forward, we’re seeing North Shore Community Plan rewrites, we’re seeing really great incentives for commercial and residential development throughout the city, but it’s specifically benefiting this corridor, which is for all intents and purposes has been under utilized for the last ten years.”

The Station was completed last August, adding 47-residential units to the Tranquille corridor as well as more than $10,000 sq. ft. of commercial space.

“When you look at these types of buildings you think, well, you know they’re going to have some residents, they’re going to have some businesses, that’ll be great,” Heighton said, “but the reality is with Bright Eye being quite busy, because they’re quite popular, it’s also benefiting the businesses up and down the corridor.”

The NSBIA is looking at another seven to nine projects coming up in the next three to five years.

Some will be mixed residential and commercial and thanks to the revitalization tax exemption some could be purely commercial.

“The revitalization tax exemption changes that came forward from council and were approved will tip the scales for a lot of developers who may be looking in the past at a mixed building may now be able to look at a purely commercial building,” Heighton said. “So, there’s a lot of opportunity here.”

Once The Tapestry is complete, developer Arpa Investments will be moving to the lot between Clapperton Road and Wood Street.

“They’re looking at a combined centre with some community space, Kamloops Innovation, and then they’re also looking at a boutique hotel in that space as well.”

There are many plans in the works for the Tranquille corridor over the next few years and after these new developments are completed some of the older buildings are likely to get a refresh as well.

by Jill Sperling

‘It’s almost like the stars have aligned’: North Shore benefitting from developer incentives

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