The City of Courtenay has issued a development permit to the proprietors of the 39-unit, four-storey building proposed at the site of the former Palace Theatre in the downtown core.
Endure Projects Inc. hopes to submit building permit plans in December, and expects to have the permit issued in February.
“Thereafter, in the springtime, we’ll be ready to start construction,” Brian Moran said. “We’re very confident and pleased with the City working with us.”
Located at the corner of 5th and England, the site had housed the E.W. Bickle Theatre since 1940 until a fire destroyed the building in 2007.
Moran, Guy Champagne and Allan Landa purchased the property in October 2019. They plan to have commercial space on the ground floor, three floors of housing and a 28-car underground parking lot. They expect occupancy in the latter part of next year.
The one- and two-bedroom units will be rentals. The company intends to meet Canada Mortgage and Housing Corporation affordability requirements, meaning 20 per cent of the units will rent for 30 per cent or less of the median family income in the Comox Valley.
The building will be named Palace Place.
“The underground parking and first level of commercial, that’s concrete, and that will take about six months,” Moran said. “The three floors of residential will be modular, building by Muchalat Construction.”
He notes that Muchalat will manufacture the modular units at its plant in Cumberland.