The first eight units of Nelson Landing were to be build on this site on the old Kootenay Forest Products property.

Nelson Landing’s future in doubt

The developer planning to build eight condos on Nelson’s waterfront hasn’t been able to pre-sell enough units.

A developer planning to build eight condos on Nelson’s waterfront hasn’t been able to pre-sell enough units, so the project won’t be going ahead, at least not this year.

Nelson Landing’s initial eight condos were to be followed by another 257 to be built over the next 20 years by Storm Mountain Development Corporation.

“Nelson Landing was unfortunately not able to attract sufficient interest in the eight-plex offering and has decided to not proceed with the project in its current design,” Storm Mountain’s Mark West wrote in an email to prospective buyers. “We are reviewing plans and other development options and will keep you posted as the plans evolve.”

The units would have ranged from $509,000 to $599,000 for two-bedroom units, well beyond Nelson’s current average house price of $368,000.

Storm Mountain’s Allard Ockeloen, in a telephone interview, said buyers are wary of pre-sales.

“If I had built the building it would have sold, I am confident of that. The price is challenging for folks if they have to sell a house and risk not having the building finished. But if you see it built and are standing on your deck and looking at the view, I think $509,000 is not outside the ability of Nelson to absorb.”

He said that to go ahead with construction he needed six pre-sales, but had only four expressions of interest.

Ockeloen said he doesn’t know what the next steps will be, but he’s thinking of getting into rental housing.

“I have had discussions with another interested party who believes we should be building rental product, and am working toward that but have nothing to announce. There is a zero vacancy rate so there is demand. This requires someone who has an interest in owning buildings long term for income, and that is who we are speaking with. So we will see where it goes.”

Storm Mountain’s withdrawal from the plan for the eight-plex was triggered by a requirement set out in the Real Estate Development Marketing Act, which gives a developer nine months after signing the disclosure statement to meet its pre-sale targets in order to secure construction financing.

 

Just Posted

Shawn Campbell scores 4 as Leafs beat Rebels 5-3

Campbell now has seven goals in just four games this season

Construction begins on seniors affordable housing building

Lakeside Place is projected to be finished by fall 2020

LETTER: Five reasons to vote Green

From reader Christopher Klassen

L.V. Rogers qualifies for boys soccer provincials

LVR booked its ticket with a pair of wins

How local candidates are using Facebook to advertise directly to you

Liberal campaign is the biggest spender on Facebook ads in South Okanangan–West Kootenay

ELECTION 2019: It’s so close, it could come down to who turns out to vote

Black Press Media’s polling analyst on the origins of predictive seat modelling in Canada

Zantac, the over-the-counter heartburn drug, pulled in Canada, U.S.

Health Canada also investigates possible carcinogen in some ranitidine drugs

B.C. public safety minister says cannabis edibles not in stores til January

Mike Farnworth says he wants regional issues considered when it comes to licensing

Greta Thunberg calls for climate action in Alberta, but doesn’t talk oilsands

Swedish teen was met with some oil and gas industry supporters who came in a truck convoy

Scheer denies spreading ‘misinformation’ in predicting unannounced Liberal taxes

Conservative leader had claimed that a potential NDP-Liberal coalition could lead to a hike in GST

Council asks to limit cruise ship visits to Victoria harbour

Mayor says motion is not meant to curtail current visits or limit local cruise industry expansion

Chilliwack man pleads guilty in crash that killed pregnant woman

Frank Tessman charged under Motor Vehicle Act for accident that killed Kelowna school teacher

Delays at railroad crossing in Kootenay town cause for concern

About 1870 Fernie residents are temporarily isolated when the train passes through town

Kawhi Leonard, former Toronto Raptor, welcomed back to Vancouver at pre-season game

Fans go wild at pre-season game between L.A. Clippers and Dallas Mavericks at Rogers Arena

Most Read