Propolis Cooperative Housing Society and investors after a tour of the future building site on Monday, April 29. (Image Credit: Silvia Senna / CFJC Today)

By Dylana Kneeshaw

BUDGET FRIENDLY HOUSING

Propolis Cooperative Housing Society secures purchase of Tranquille Road property for 50-unit redevelopment

Apr 29, 2024 | 6:00 PM

KAMLOOPS — They’ve taken the idea of a ‘group project’ to new heights. Propolis and its community funded investment strategy have raised enough money to buy a property along Tranquille Road for a redevelopment project.

The Propolis Cooperative Housing Society has been raising money through community bonds to purchase 422- 424 Tranquille Road. The goal is to build a six-storey, mixed use housing development with 50 living units, and commercial space on the lower level.

During a tour given to prospective residents, and current investors on Monday (Apr. 29), Propolis president Lindsay Harris says they want to make the units friendly to all kinds of budgets, and the environment.

“We are envisioning a six-storey, mixed use building that will have 50 units of affordable housing. They will range in size from bachelor’s units to three-bedrooms units,” Harris notes that the redevelopment isn’t planning to evict the current building’s commercial tenants. “And for the commercial space on the ground floor, we’ll be partnering with the Effie Arts Collective, we hope to include a day care space and we hope to have an incredible restaurant space as well for Hatsuki Sushi that’s currently a tenant in the building.”

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A large part of their financing came through what’s known as a community bond campaign. Where people invest in the project for a share, and they’re paid back with interest.

“We have over 70 community investors who have contributed,” explains Harris, “And we have two impact lenders who came alongside those community bond holders to help us get to the purchase price of the property.”

Those who have invested in the project, like Miles Pruden, feel it’s a small way they can address a lack of affordable living spaces in Kamloops.

“You can fix problems in your community, but you’re not losing your money in the process. You’re actually earning some interest.”

The City of Kamloops also contributed an unused section of Hilltop Avenue, directly behind the 400 block of Tranquille Road, for the redevelopment. Pruden is also the project’s developer, and says now that they’ve secured a spot, planning has begun for their Net-Zero design.

“You spend more money making it efficient, and now all of a sudden your mechanical demands are so much lower that you save money there.”

Propolis is still accepting bond investments, with construction planned to start in the fall of 2025, and residents moving in by the end of 2026.

“So it’s an ambitious timeline, but Kamloops is in a housing crisis. We really need to get more affordable homes available for people, so we’re trying to get building as quickly as we can,” adds Harris.