The site of the former Palace Theatre at the corner of Fifth Street and England Avenue has now been sold and is set for redevelopment. Black Press file photo

Former Palace Theatre lot sold and set for redevelopment in downtown Courtenay

“It’s really positive growth for the Comox Valley and a good sign of economic investment.”

After sitting empty for years at the corner of 5th Street and England Avenue in downtown Courtenay, the site of the former Palace (E.W.) Theatre has been sold and is set for redevelopment.

Listing Realtors Shea Wilson and Nicole Allen of RE/MAX Ocean Pacific confirmed the sale this week of 397 5th St., and said it was a property they have been working on selling for a handful of months.

“It’s great; we’ve really gotten some positive feedback from business owners on Fifth Street. They are happy and relieved, and it’s so nice to have development set to go up on the corner,” explained Wilson.

“It’s really positive growth for the Comox Valley and a good sign of economic investment.”

Managing broker Scott Reed of Realty Executives said his clients Palace Place Ltd. Partnership purchased the property and are looking at creating a four-storey, mixed commercial/residential building with a mix of short-term rentals on the middle floor, and long-term rentals on the top floors.

Reed confirmed they will be a mix of one and two-bedroom units, with 14 units per floor.

He added the developers are hoping to break ground in early 2020.

Jenny Deters, president of the Downtown Courtenay Business Improvement Association, said downtown businesses are really excited and are looking forward to seeing new development on the lot.

“It’s something we’ve been waiting for a long time. It’s great to see the property sold and we always want to encourage more residential units within the downtown core.”

The theatre, which was originally known as the E.W. Bickle Theatre, opened in November 1940. During the summer of 2007, a fire ripped through the building and the theatre was temporarily closed.

The damage was deemed extensive, and eventually, the building was demolished in April 2008.

According to a title search, the registered owner prior to the sale was First Nations Enterprises Inc. of Vancouver.

In 2013, the owner, who lived in Hong Kong at the time, declined a proposal from Courtenay council to upgrade and/or provide access to the property, as he intended to sell the property.

Like us on Facebook and follow us on Twitter

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Cell phone porting scam making its rounds through the Comox Valley: RCMP

The Comox Valley RCMP is reminding residents to be vigilant when handing… Continue reading

Woman airlifted from Cumberland after crash

A 73-year-old woman had to be airlifted out to hospital Tuesday following… Continue reading

Tax requisition same, tip fees up for solid waste in Comox, Strathcona regions

CSWM board will have to finalize its latest financial plan by the end of March

Valley man warning others through video following cyber attack

Julian White had his online portfolio hacked less than two weeks ago.

Life on street inspires Comox man to help others without homes

For Sam Franey, it all starts with making connections between people

VIDEO: Wet’suwet’en supporters vow to keep protesting at B.C. legislature

Supporters say they will continue ongoing action to hold government accountable

Comox Valley RCMP issue warrant for the arrest of alleged thief

The Comox Valley RCMP have issued an arrest warrant for 44-year-old Richard… Continue reading

Comox Valley RCMP officer assaulted during traffic stop

On Feb. 21, a member of the Comox Valley RCMP was assaulted… Continue reading

VIDEO: Province promotes ‘lifting each other up’ on 13th annual Pink Shirt Day

Students, MLAs, community members gathered at B.C. Parliament Buildings Wednesday

Prepare for new coronavirus like an emergency, health minister advises

About 81,000 people around the world have now become ill with COVID-19

B.C. residents in Wet’suwet’en territory have right to police presence: Public Safety Minister

Nevertheless, Bill Blair said officials remain ‘very anxious’ for the barricades to come down

Winnipeg police investigating graffiti on RCMP and other buildings

Manitoba Justice Minister Cliff Cullen denounced the vandalism

Nanaimo woman to compete in new season of ‘Big Brother Canada’

Carol Rosher, a cancer survivor, is one of 16 houseguests appearing on reality TV show

B.C. seniors’ watchdog calls for better oversight after recent problems at Retirement Concepts care homes

‘There is no financial incentive right now to be a good operator’ - Isobel Mackenzie

Most Read