City to develop and sell $1.5M worth of land
NANAIMO — The City of Nanaimo is stepping into the world of property development by preparing a subdivision and selling off more than $1 million worth of land.
The City is selling five lots at 5290 Rutherford Rd., near the new roundabout at Rutherford and Linley Valley Dr. Deputy director of community development Bill Corsan said the City will subdivide and prepare what was previously one property, originally bought to allow for the road connection into the Linley Valley subdivision.
The lots are being sold in a request for offers process similar to a sealed bid auction. Interested buyers have until Sept. 27 to submit an offer, at which point staff will choose the best offers and bring them forward for Council approval. Four of the lots have a minimum price of $300,000, with one valued at $360,000, based on a third-party appraisal.
With the City currently in the midst of a well-publicized search for an appropriate spot to build supportive or affordable housing, Corsan was asked why these lots weren’t held for that purpose.