BC-based co-op, Propolis Cooperative Housing Society purchases first property to introduce affordable and sustainable housing development in Kamloops at 422/424 Tranquille Road in North Kamloops for $945,000.
It plans to turn that property at the corner of Tranquille Road and Aspen Street – which is currently home to Hatsuki Sushi and the Effie Arts Collective – into a six-storey mixed-use development with 50 affordable residential units, and about 9,300 square feet of commercial space on the ground level.
Propolis says over 70 investors helped raised $576,300 though its $1.1 million bond campaign, with the rest of the money coming from a $270,000 loan from the Thrive Impact Fund and a $250,000 loan from the Canadian Co-operative Investment Fund. All residential units will be net-zero using energy produced from renewable sources. It also says all units will operate as non-profit cooperative housing with expectations that it will be priced at 80 per cent of CMHC’s median market rents in Kamloops.
Thrive Impact Fund is so pleased to see investee Propolis Cooperative Housing Society taking proactive steps towards introducing affordable and sustainable housing development in the community. We are truly looking forward to see the positive change they bring to Kamloops.
Learn more about Thrive Impact Fund investees by visiting our Portfolio page.
Read the full details: Propolis Cooperative Housing Society Purchases First Property