Russell Precious at the Nelson Commons showroom on Vernon Street will be available to answer questions at the open house on Friday

New financial restructuring

Nelson Commons pre-sale requirement could be reduced and they are holding an open house this Friday, July 11 from 4 to 7 p.m.

The Nelson Commons is a condensed living project that began three years ago. The 54-unit condo complex has yet to break ground but project manager Russell Precious is anticipating a possible financial restructuring that may put the housing complex closer to their next step.

When the units began to sell in September 2013, the financiers required that 46 of the 54 units be sold before construction could commence.

At this point 28 units have sold or have sales pending. The condos range in size from a 667-square foot one bedroom to a 1,176 square foot three bedroom with a den.

Precious is “hoping for the restructuring any day now” from Vancity and the Nelson District Credit Union who are working together to provide the financing.

If approved, it could lower the 46 prerequisite sales to 32. At that point, only four more units would need to be sold which Precious said would not be difficult at this point.

Then the legal documents for the debt and equity could begin. “It’s always a bit laborious but it is necessary,” said Precious.

The building currently onsite would be demolished and removed in October with construction to follow.

In 2012 the Kootenay Co-op purchased the Extra Foods grocery store in the 700 block of Vernon Street. The blockbuster deal to acquire the aging grocery store and adjacent parking lot along Baker Street cost the country store cooperative $3.57 million. The decision was made to tear down the old building and start fresh. In order to fund the ambitious new grocery store and retail space, the decision was made to add a 54-unit, three-storey residential component on top.

All are welcome to an open house on Friday, July 11 from 4 p.m. to 7 p.m.

Russell said it is a casual event with no presentations but there will be a chance to look at the building model, the various floor plans, colour palates and sip on wine.

The show room is open Wednesday to Saturday from 12 to 5 p.m. or by appointment.

Fore more information call 250-352-5847 or visit nelsoncommons.ca. There is a show suite on the corner of Hall and Vernon.

— with files from Sam Van Schie

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