City of Regina hopes to see downtown parking lot turned into housing
Namerind Housing Corp. plans 15-storey housing, commercial, office building
The City of Regina wants to sell a parcel of prime downtown real estate for $2.3 million for a major housing and commercial development.
If the plans of the Namerind Housing Corp. go ahead, the southwest corner of 11th Avenue and Lorne Street will someday be home to 170 apartment units, a daycare, a grocery store and some office space.
Currently, the 18,750-square-foot property at 2301 11th Avenue (kitty corner from SGI's head office) is a large parking lot.
The buildings planned for the site (and an adjacent lot) will be up to 15 storeys tall.
The proposal goes to the city's finance and administration committee later today.
What's unusual in this case is that it's planned as a direct sale.
The city says the property is of "strategic value" and wants to sell it to Namerind without a public offering.
City officials say the project fits into its overall planning strategy by creating housing and increasing urban density.
If the finance committee gives it the green light, the project will go to city council later this month for a final decision.