The Reach, a 25-year plan to create 3,500 multi-family housing units, retail and office space and other services on the TRU campus. has leased the final two sites to complete phase 1 of the estimated $1 billion project.
Kelson Group, the Kamloops-based property-management company, was the successful bidder on building sites at 865 and 875 University Dr., on which will rise a building with rental units and a building with condos for sale. Each building will rise to five-storeys and have approximately 40 units.
“Developing market suites is again a change for our team, but the market in Kamloops is growing and we have great confidence people will buy into the unique and beautiful environment of The Reach, much like they have with Creston House by the Cape Group,” said Jason Fawcett, Kelson Group’s vice-president of operations.
Over the past number of years, our company has been working to take the next step moving into the area of property development,” said Fawcett. “For over four decades, our strategy was lease and hold, focused solely on buying existing apartment buildings, then maintaining and managing them. Today, our company continues to move into the construction and development of new buildings. This is a different and exciting challenge for our team.”
The deal brings to three the number of buildings at The Reach backed by Kelson Group.
Its Legacy Square project, a 77-suite, five-storey multi-family rental apartment building under construction at 895 University Dr., is expected to open this fall on the north side of TRU's Old Main Building.
The Kelson Group has leased the Legacy Square land for 99 years for $1.8 million.
The Reach’s phase 1 development also includes Creston House, a four-storey, 57,000-square-foot project featuring 50 condos available for purchase by anyone in the community. It broke ground in October 2017 and is being built by Cape Construction.
The second phase of The Reach is expected to encompass 166,000 square feet of mixed-use residential space along Summit Drive, just north of McGill Road. Phase 2 may also include a grocery store, pharmacy, fitness facilities, restaurant, brew pub and commercial space. There are also plans for phases 3 to 6, including residential development at the university’s west gate (McGill Road and Hillside Drive) and residential development that will replace current student housing at McGill Road and Dalhousie Drive.
The Reach is being developed by the Thompson Rivers University Community Trust, a corporate trustee created by the university in 2011 to manage development on campus. Money raised from land leased to developers goes to university initiatives such as academic research and student bursaries and scholarships.
Part of The Reach's long-term plan includes seeing 40,000 square feet of new office space, 42,000 square feet of new retail space and a variety of restaurants and other amenities built on the 90 acres designated for development. Population at The Reach is expected to exceed 7,500 residents over the next 30 years.