Nelson’s long-awaited Waterview housing project on Vernon Street remains on track, though financing issues have slowed progress.
The Waterview Retirement Resort, under construction at 611 Vernon St., was originally supposed to be finished in spring of 2024 but has faced significant delays since construction started in 2023.
Chief administrative officer Kevin Cormack told councillors at Tuesday’s meeting that the project developer, Vendure Living, is actively working through refinancing, after their original financer encountered problems with a separate project in Vancouver.
“So they had to go and find different financing. And really, when you have a finance partner come in mid-construction, they basically had to re-look at the whole project and do a whole costing, the whole process again. So it’s taken some time,” he said.
Cormack said the developer has secured new financing commitments through their mortgage broker and remains “fully committed” to completing the project.
Finalized financing details are expected within the next month, with construction anticipated to continue once that is in place, although Cormack noted the project is still likely a year away from completion.
“They’re probably a good 12 months out. The developer also mentioned that they’re still seeing really strong demand for that product that they’re offering there as well.”
The completed project will feature 125 suites for people aged 55 and up, with the option to lease supported or independent living units.
It will also include 5,000 square feet of commercial storefront space for lease.
Want to get your business noticed? Have you considered advertising through your local radio station? Speak to one of our sales agents and find out how radio advertising can boost your business today. Call 250-365-7600 or email Vista Radio.
