Construction crews have started work on a new, nine-unit condo development at 1694 7th Avenue downtown, bringing more multi-family housing to the city centre.
The project is the latest to be eligible for the city's multi-family housing Incentives program, which provides financial incentives for developments that bring housing and revitalization to the city centre.
Three projects have already benefitted from this innovative program, which is a partnership between the city and Northern Development Initiative Trust - townhomes at 192-198 Victoria St.,
Crescent Townhomes at 1699-7th Ave. and Ketso Yoh at 140 Quebec St.
"Council places a high priority on downtown revitalization," Mayor Lyn Hall said. "The city's partnership with Northern Development has produced a very competitive and comprehensive incentive package and it's great now to see another multi-unit housing development under construction downtown."
The city provides a variety of incentives relating to the downtown to incent façade improvements and to increase housing, and has a tax abatement program for new construction and major renovations.
"Northern Development is pleased to be supporting the City of Prince George in their efforts to attract housing developments to the downtown area," NDIT CEO Joel McKay said. "The construction of these units is yet another demonstration of the success of our partnership and diverse incentive programs."
Developers interested in the city's downtown development incentives program can visit the City website for a program overview, eligibility requirements, and areas of eligibility. Investors can also contact the city economic eevelopment eivision at 250.561.7633 or [email protected].
