Building permits issued for downtown projects have doubled this year compared to 2010, according to The Downtown Partnership.
In its third-quarter report to city council, The Downtown Partnership cited $33.6 million in building permits issued for downtown projects so far this year.
"It's definitely much more than we've seen in recent years. If you take all the building permits in the downtown for the last five years, it's probably higher than those years combined," Initiatives Prince George downtown initiatives director Tara Bogh said. "It's not just new construction. The renovations are probably even more promising."
Bogh said property owners and businesses investing in facade and interior improvements is a sign of confidence in the downtown.
As of Sept. 30, 23 projects were underway or already completed downtown this year - of those 17 are private-sector projects. However public sector construction such as the new RCMP detachment, downtown district energy system and Elizabeth Fry Place seniors housing facility continues to represent the largest dollar investment in downtown.
"The public sector projects have really led the way ... it gives the private business community some assurance that the city is committed to downtown," Bogh said. "We're building a momentum in the downtown."
Bogh said the investments will likely drive other property owners downtown to invest in their properties, "almost like a domino effect."
It's too early to determine what impact the City of Prince George's downtown tax exemption program has had on development, Bogh said. In July the city approved a 10-year tax exemption plan for downtown construction, which includes an option to receive the exemption amount in an upfront payment.
"Based on the responses from industry that we've been talking to ... it's very attractive to them," Bogh said.
Several of the major projects currently underway have been years in the making, she added, while others are a response to improving business conditions downtown.
"And sometimes it's just the way the stars align for some projects," she added.
