Rental projects in North Kamloops and Valleyview move forward with housing agreements

Kamloops city council approved housing agreements for three rental developments in North Kamloops and Valleyview, advancing 358 new units and offering municipal tax exemptions tied to affordable and seniors' rental housing.

Kamloops city council has approved housing agreements for three planned rental developments in North Kamloops and Valleyview. The decisions cover an affordable market rental building at 422 Tranquille Rd., a seniors' rental building at 2001 Glenwood Dr., and a two-building mixed-use project at 1024 Eighth St. The Tranquille project is led by Propolis Co-operative Housing Society, which raised more than $1 million through community bonds. Several of the developments will be eligible for municipal tax exemptions and changes to parking requirements. Project details: - 422 Tranquille Rd.: A six-storey, net-zero mixed-use building owned by Propolis Co-operative Housing Society with 53 units (15 studios, 33 two-bedrooms, five three-bedrooms) and main-floor commercial space; the housing agreement secures affordable rental units and the project will receive a 10-year exemption from municipal taxes on increased assessed value. - 2001 Glenwood Dr.: A six-storey, 90-unit independent-living seniors' rental community for residents aged 55 and older, planned with 57 one-bedroom units, eight one-bedroom-plus-den units, and 25 two-bedroom units; council approved a 10-year tax exemption on increased assessed value. - 1024 Eighth St. (The Pulse on Eighth): A two-building mixed-use development that will include one 65-unit affordable seniors' housing building and one 150-unit residence; the developer sought an expanded unit count in part due to reduced parking requirements, and the project is eligible for a municipal tax exemption as it adds new rental units. Summary: Council approvals move hundreds of new rental units closer to construction and include housing agreements that secure affordable and seniors' rental units alongside municipal tax incentives. Undetermined at this time.