The latest potential investors in downtown real estate have been there all along.
For more than 100 years, the Prince George Chamber of Commerce has been located in the city's business core (minus a stint at the Mr. PG site at the junction of Highways 97 and 16) but for the first time in its history, the chamber is considering being their own landlord.
"The Chamber has, for 102 years, paid someone else's mortgage. We have been given the opportunity to think about being the owner instead of the renter," said Chamber CEO Jennifer Brandle-McCall. "It is a big decision. We are putting the question to the membership."
A special June 12 meeting has been called for Chamber members, for the sole purpose of considering the purchase of the building they currently operate from.
"Our quorum is 30 people, so we hope for a big turnout. It is one of the bigger questions our membership has faced in the last few decades. Special meetings like this are rare," Brandle-McCall said.
The Chamber offices are located at 890 Vancouver St. They have been there about 10 years (prior to that they occupied offices in the basement concourse of the Coast Inn of the North) in a building owned by James Munk and primarily Hans Naegelin of Quesnel. Their ownership includes the 886 Vancouver Street address next door, occupied by Sun Life Financial.
"We approached him [Naegelin], and he was receptive to the idea," said Brandle-McCall. "The timing was right for him, so we worked out a potential sales contract, we have had inspections and appraisals done, and we are currently looking to our members who offer mortgage services to work with us on that part. And now we are at the stage of putting the question to the membership."
The two properties are appraised at $445,000 for the combined lots at 886 and 890 Vancouver St. All other parties involved in the occupancy of the two buildings are agreeable to work with the chamber on their purchase option.
"Being our own landlord makes business sense, we think," Brandle-McCall said. "It was not a decision we rushed into, and not an offer we rushed to make. We have looked at multiple locations at various parts of the city, but the organization, we felt, should maintain a presence downtown if possible."
