A major commercial/residential development is proposed for a high-profile Vernon location.
City council gave two readings to bylaws Monday that would allow a three-storey, 85-unit apartment with 4,050-square-feet of commercial space to be constructed on the former Kal Tire office site on 48th Avenue.
“We are trying to create neighbourhood centres and there’s lots of amenities there people can walk to,” said Coun. Juliette Cunningham.
“This is a great project in a viable area.”
The proposal from the applicant, N&T Properties, calls for 45 one-bedroom units and 40 two-bedroom units. They would range in size from 680-square-feet to 1,045-square-feet.
“The building has largely been vacant since Kal Tire relocated to its new headquarters in October 2012,” said Craig Broderick, the city’s economic development planner, in a report.
“As part of the project, the existing office building will be demolished.”
Broderick says the applicant has proposed the development in response to demand for rental accommodation.
“The Canada Mortgage and Housing Corporation rental market report indicates that the vacancy rate in Vernon dropped to 4.1 per cent in April 2014 from 7.7 per cent in April 2013,” he said.
The other factor is the lack of interest in the existing 30,000-square-foot commercial floor space on the property.
“The owner has been trying to attract tenants to the space since before they relocated in October 2012,” said Broderick.
Construction of the complex could be between $10 and $12 million.
A public hearing for the proposed zoning changes will be held Aug. 10 at 5:30 p.m. at city hall.