Thursday, July 26, 2007

Local vacancy rate may drop as renovations begin at local apartment buildings


The chat boards of Prince Rupert are abuzz with word of a major renovation planned for two long time apartment buildings in the city.

The Digby Towers and Sherbrooke Gardens are now under new ownership and apparently are soon to be emptied of tenants, as the new owners begin extensive renovations to the aging buildings on the east side of McBride. With an antiquated plumbing system in the two buildings and other major repairs apparently needed, the decision seems to have been made that it would be easier to renovate without anyone living in the building during the process.

Reports from hackingthemainframe have it, that tenants were issued their 60 day notices this week and will have to begin the process of seeking out new accommodations in the city.

The developments on the east side of town come on the heels of discussions late last year, that would see other affordable housing on the west side at Roosevelt Heights, turned into condo developments.

It will be interesting to see the fate of the renewed buildings once the renovations are finished, whether they return as rental units or also join the ranks of potential condo developments in the city. But for those tenants that have been living there over the years, the shock of having to suddenly find a new home and in short order is probably still sinking in.

If the Prince Rupert economy heats up as predicted by many, then this may be just the first in many unexpected re-locations, as local apartment owners try to prepare themselves for a housing crunch that could soon come. A crunch that could leave many renters scrambling for accommodation.

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