The Kelson Group has purchased two high-rise apartment buildings downtown, along with other land, in a deal worth an estimated $25 million.
The Kamloops-based residential and commercial property management and development company plans on consulting with the public as it decides redevelopment plans. Along with the purchase of the two 10-storey apartment buildings — The Pines on the southeast corner of Battle Street and Fourth Avenue and The Oaks on the southwest corner of Battle Street and Fourth Avenue — Kelson has also bought parcels of land on Nicola Street, between Fourth and Fifth avenues, and the vacant lot on the southeast corner of St. Paul Street and Fifth Avenue.
In total, the purchase includes 1.4 hectares (3.44 acres) of land.
“We are absolutely delighted to add this real estate to our portfolio. It’s a real win-win,” Kelson Group founder and president Ron Fawcett said. “The opportunity to purchase the various parcels of land, including two residential towers here in our own backyard, is just fantastic for our company. We are now looking forward to sharing our vision and seeking our community’s feedback to help us craft our plans to make this a signature area in Kamloops’ downtown core.”
Jason Fawcett, vice-president of operations for Kelson Group, said the focus will be to add to housing inventory downtown.