The City of Nanaimo has signed a purchase agreement with Longwood Station Ltd. to acquire property located at 295/299 Selby St. In the Old City Quarter.
The two vacant lots are both 1,565 square metres in size and are valued at $500,000.
The city acquired the lands in exchange for agreeing to extend Linley Valley Drive 275 metres east from Turner Road to service lands owned by Longwood Station Ltd.’s parent company, Insight Holdings.
The exchange, which will see the properties transferred in the fall of 2014, will improve the availability of parking in the OCQ while allowing Insight to develop land in Linley Valley.