More than $1 million has been invested into the Gordon St. hotel site by the end of 2020. (Ian Holmes/NanaimoNewsNOW)

By NanaimoNewsNOW Staff

downtown development

Gordon St. hotel hits development goals, 10-year tax exemption extended

Dec 22, 2020 | 11:00 AM

NANAIMO — Councillors have granted an extension to the significant Gordon St. project despite it missing key deadlines.

They voted unanimously on Monday, Dec. 21 to push the 10-year tax exemption for the $23 million, 172 room, nine-storey hotel. The tax break is now scheduled to take effect no later than the end of October, 2022.

Bill Corsan, director of community development, told councillors the developers have invested more than $1 million into the site, which was the threshold used to grant the exemption and ownership of the property.

“It’s very nice to look out there now and see the work of many years coming to fruition.” _{Bill Corsan}

The Gordon St. hotel tax exemption is worth roughly $250,000 a year.

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The tax break is designed to entice developments and improvements throughout downtown Nanaimo, as long as certain conditions are met.

The initial date of the Gordon St. hotel opening was projected to be end of 2020 after a May, 2019 construction start date.

A groundbreaking ceremony was held at the end of January, 2020 shortly before the COVID-19 pandemic forced the timeline for the long-gestating project to be extended.

Corsan said the $1 million invested into the project includes laying the foundation and starting to erect the stairwells.

Council agreed to waive their option to rebuy the land the hotel is built on, which was an option included in the development of the site.

Numerous hotels were pledged for the downtown site in an effort to boost tourism and commerce at the conference centre, which opened in 2008.

The closest was by a Chinese tourism firm who applied for a building permit but didn’t proceed further.

The steel and concrete hotel to be known as Nanaimo Courtyard by Marriott will be owned by Utah based PEG Development.

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