New residential units are coming to Cedar Street, as well as a ground-floor commercial space.
The City of Campbell River is selling 1022 Cedar Street to Alder Heights Holdings Ltd, (AHHL). Who will build a six-story building featuring a commercial space fronting Cedar Street and 65 residential units in the five stories above.
Campbell River Mayor Kermit Dahl said the sale and building of the property helps advance the downtown revitalization.
“The property sale will facilitate the development within the downtown core and offer much needed residential and commercial spaces.”
Previously known as 540, 560, 580 and 590 10th Avenue, the sale combines the four lots into one new civic address.
AHHL approached the city on the development and the parties agreed to a conditional sale.
A third-party appraisal established the land at nearly $1.65 million, which AHHL will purchase the land for that price from the city.
Properties at 600, 620 and 640 10th Avenue will be retained by the city and continue to serve as downtown parking spaces.
