Nanaimo’s old city hall annex will be torn down to make way for high-end rental housing.
Cracey Holdings has won a development permit for a more than five-storey, 46-unit rental building at the corner of Franklyn and Wallace streets.
It plans to demolish the former city hall annex this month to make way for the project, estimated at $12.5 million.
Five years ago, the City of Nanaimo announced the $1 sale of the former annex to Tectonica Management Inc., a different company but with the same owners as Cracey Holdings. The plan had been for a five-storey, mixed-use building with condominiums and commercial space, but that development permit has since expired.
The new development permit approved by city council Monday will be for rental housing rather than condos in a five-and-a-half storey building.
Renters will be able to find 320-square-feet micro units to townhomes and one-and-two bedroom apartments. There will also be three commercial units, parking under the building and a secure area for bikes.
Darren Moss, an owner with Cracey Holdings, said the aim is high-end rental housing downtown, with the belief there’s a sector of the market looking for a building they’re proud to live in, with better sound separation between suites and mechanical cooling.
Several Nanaimo city councillors said they are excited about the project.
It’s an interesting and innovative design that suits the topography of the site, said Coun. Ian Thorpe, who said he liked the mixed-use component and underground parking and looks forward to seeing it move ahead.
Coun. Bill Bestwick also liked the balance in the size of units and he’s sure the underground parking will be a welcome notion for residents and help to limit street parking.
“It looks like an exciting project moving forward,” he said.
Coun. Jerry Hong supported the project but said he has a little concern, wishing they would have kept some of the old annex.
“I wish they would have kept some character of the building that reminded us of our heritage and staff can remember that hey, we used to work there,” said Hong, who also said he would have liked to have seen affordable housing, though pointed out there are micro units, which are “pretty affordable.”
Demolition of the annex is expected in May, with construction later this year. Cracey Holdings is currently looking for investors.
“It’s pretty exciting to be honest,” said Moss, adding that they’ve worked on this project for a long time and a couple of iterations. The project they have now matches up with the company’s goals.
“It’s a building form we’re proud of. It’s a mix of unit types we’re proud of and I think it’ll bring great things to that area downtown.”
news@nanaimobulletin.com