Published On: Wednesday, 08 November 2017
Incentive Program Stimulates Downtown Development in Prince George
PRINCE GEORGE – 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 to multi-residential developments that aim to bring housing and revitalization to the city centre.
Three projects have already benefitted from this innovative program, which is a partnership between the City of Prince George and Northern Development Initiative Trust aimed at incenting development downtown:
- Townhomes - 192-198 Victoria Street;
- Crescent Townhomes – 1699 – 7th Avenue; and
- Ketso Yoh – 140 Quebec Street.
“Council places a high priority on downtown revitalization,” says Mayor Lyn Hall. “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,” says Joel McKay, Northern Development CEO. “The construction of these units is yet another demonstration of the success of our partnership and diverse incentive programs.”
Developers who are interested in the City’s innovative 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 Development Division at 250.561.7633 | firstname.lastname@example.org.