‘Transformative for the downtown:’ 162-unit rental housing complex approved in Nanaimo
NANAIMO — A so-called “second kick at the can” for a major rental housing development in the city’s downtown core has been given the green light.
For the second time in just under two years, Nanaimo City Councillors have granted a development permit for a six-storey, 162 unit rental apartment and townhouse complex at 77 Chapel St., across from the Nanaimo courthouse.
Greg Mitchell, senior planner and development manager with Primex Investments Ltd., told councillors on Monday, Dec. 16, they ran into several roadblocks since receiving a development permit in April 2023.
“This is our second kick at the can at this particular site, I was here a little over a year ago when we brought the first [development permit] forward. We did a deep dive and between interest rates, construction costs and very macro economic forces working against us, we weren’t able to make the strata combined with the rental project work at this time.”