The recent sale of a pair of downtown highrise apartment buildings in Kamloops is part of a massive downtown development effort a local company will soon undertake.
Kelson Group announced this week it has purchased The Pines and The Oaks apartment buildings, located on Battle Street.
But the company has also bought several properties between Fourth and Fifth Avenues, as well as a vacant lot on the northeast corner of St. Paul Street.
The two, ten-storey apartment buildings contain a total of 166 rental units. Along with the other properties and vacant lot, the purchases represent a combined 3.44 acres of land.
“We are absolutely delighted to add this real estate to our portfolio. It’s a real win-win,” says Kelson Group founder and president, Ron Fawcett. “The opportunity to purchase the various parcels of land including two residential towers here in our own backyard is just fantastic for our company. We are now looking forward to sharing our vision and seeking our community’s feedback to help us craft our plans to make this a signature area in Kamloops’ downtown core.”
Jason Fawcett, Kelson’s vice president of operations, says that the company is still in the early stages of planning, but that its focus is to build more housing and “add vibrancy” to the downtown core.
Fawcett says that the Pines and Oaks will both get massive interior renovations over the next few years, as residents move out.
He added that, within the next 10 years, Kelson plans to build anywhere from four to six multifamily buildings on the other newly purchased properties, adding 300-500 residential units downtown
“We’d like to add in unique green spaces to enhance the feeling of a social, interactive, and connected community for the overall development. It’s really quite exciting for our team and we hope for the community as well,” he said.
Gary Pooler, the general manager for the Kamloops Central Business Improvement Association, says he’s happy to see Kelson Group increase its holdings downtown.
“To have a company of Kelson Group’s caliber invest here shows a high level of investor confidence in Downtown Kamloops and Kamloops overall. Their planned developments will add more residents into the core, which is a key component of a complete and successful neighbourhood,” he said.
Kelson Group is a family owned company in Kamloops that has been managing properties for 40 years. Kelson made headlines earlier this year when Thompson Rivers University announced the company will build a multi-storey rental building at The Reach.
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