The Cape Group, a Vancouver-based development company, has officially kicked off their endeavours at Thompson Rivers University with a groundbreaking ceremony for Creston House. This marks the first development for The Reach. Alan Shaver shared a few words on the project.
“Today, we’re going to see the beginning of something that’s been done right and is going to benefit not only Thompson Rivers University but also the city of Kamloops,” he said.
Creston House will be a 56-unit condominium building on one acre of land located on the north side of TRU’s Old Main building.
The building is the first of many planned for the TRU campus. Finlay Sinclair, CEO of the TRU Community Trust, said construction will include a variety of zoning areas all over.
“We’re going to develop mixed-use residential, retail and commercial areas up by the Subway entrance and Reservoir Coffee,” Sinclair said.
Sinclair also shared why he thinks people should consider the campus development.
“I think the biggest attraction is that it’s right on campus – right where the education happens. And we’re building the environment for students. Instead of having to walk a kilometre to go to a coffee shop or to get groceries, it is going to happen all on campus.”
Creston House’s construction is scheduled to be completed by Fall 2019, and is 40 per cent pre-sold.
Despite these being properties sold at an unrealistic price point for students, Reisa Schwartzman, president of Cape, assures that the project is intended for all types of buyers, due to the way the building is designed. However, she acknowledges this is not an affordable option for everyone.
“We offer one-, two- and three-bedroom apartments and we are already seeing buyers such as staff, empty nesters, and investors who will rent out and students,” Schwartzman said.
At Creston House, buyers are looking at a starting price of $239,000 for a one-bedroom suite roughly 600 square feet in size. A two-bedroom suite with a den will start at $335,000 and will be approximately 980 sq. ft. in size. The penthouse suite will be about 1,900 sq. ft. and starts at $749,000.
“This is not affordable housing. This is a beautiful apartment, and there are people who need to live in beautiful apartments.”
Sinclair has mentioned in the past that housing developments on the TRU campus as part of The Reach won’t include affordable options for students, unlike some other universities in the province. The University of British Columbia, for example, has rules forcing a developer to add a certain percentage of a building’s units as affordable housing for the university community.