City to sell Esplanade lands for downtown development
Trail City Council is pleased to offer two key properties on Esplanade Avenue fronting the Columbia River for development purposes. The city is seeking proposals from developers to purchase and develop the properties in the heart of Trail’s downtown with preference as a mixed-use project, combining residential and commercial uses.
Downtown revitalization remains one of council’s strategic priorities. The primary objective of the revitalization efforts focusses on transforming the downtown into an urban destination with a mix of businesses, services, restaurants, mixed-use residential development and pedestrian-oriented areas and gathering places. The sale and subsequent development of the Esplanade properties will contribute to council’s goal of increasing the vibrancy and livability of the downtown.
“We’ve long recognized the city-owned Esplanade lots as prime properties for development and the time for that development is ripe, particularly with the recently adopted Downtown Revitalization Tax Exemption and Incentive Program,” said mayor Deiter Bogs.
“The Downtown Tax and Incentive Program was developed to encourage private sector investment in building projects,” explained Michelle McIsaac, the city’s corporate administrator. “Under the program, new development is eligible for exemption from municipal property taxes on both land and improvement values attributable to the project for a period of 10 years. As well, building permit fees are reduced by 50 per cent for qualifying projects.”
“There has never been a better time to invest here and we are excited to see what others may envision for these riverfront lots,” added Bogs.
More details about the lands offered for sale can be found in the proposal package on the city’s website. A direct link can be found on the homepage at www.trail.ca. The city will be accepting offers on the properties to Dec. 31. More information on the Downtown Tax and Incentive Program can be found at www.trail.ca/downtown.php.