KAMLOOPS – Joint Venture partners A&T Project Developments and Invictus Properties confirmed their equity and debt financing is now secured and THE HIVE is set to proceed with shovels in the ground by July 7th. They are very strong believers in the future of downtown and are excited to be proceeding with this new and innovative project.
With a value in excess of 27 million dollars they believe is it the most valuable private sector project ever built in Kamloops downtown core. The project will create thousands of hours of work for tradespeople and suppliers, almost all of whom are local. A Development Permit (DP) has been unanimously approved by city council for a 6 storey premium office building that will be the first of three phases built on the site.
They would like to thank the City of Kamloops, Downtown Business Association, North Shore Business Association and the Chamber of Commerce for their continued support of downtown initiatives.
“This is another step forward for Kamloops” claims Mayor Ken Christian. “The Hive project will be a new hub for leading Kamloops businesses to grow. More importantly, it will be a key attraction for new businesses to relocate to the city.”
The Hive was originally announced as a five storey building but changed to six after the group experienced significant demand. The attention to detail and design of this project have been carefully considered to reflect the future needs of the business community with private balconies, large windows for excessive natural light and modern building systems to improve cost, productivity and culture.
The building will feature several amenities including two levels of secure underground parking, EV charging station, End of Trip shower and change room facilities and bike storage.
“It’s an exciting day for Kamloops” boasts Carl DeSantis, Executive Director of the Kamloops Central Business Association (KCBIA). “It says a lot about the strength of this project and the excitement and growth in Downtown, that this project is beginning despite the impact of the pandemic.”
As previously announced in January, Urban Systems will relocate to THE HIVE and build out their new headquarters. Local law firm McMillian Dubo Law Group is the second founding user who have recently purchased just over five thousand square feet.
THE HIVE is located within the City Centre Revitalization Tax Exemption Area and is eligible for a 10 year tax exemption for 100 per cent of the value of the improvement, savings that are critical for the building’s tenants and owners. The project will target progressive organizations who value sustainability, collaborative spaces and convenient amenities along with an ideal location across the street from the main transit exchange. The project will also offer a unique opportunity for companies looking create efficient and smart floor plans while adjusting to the future demands of social distancing measures and business needs.
Scheduled for completion Q4 of 2021, The Hive currently has available office/retail space for lease or purchase opportunities. Ground floor retail spaces will be extremely unique to the Kamloops market with 16-18 foot ceilings and are available to a wide mix of users.
The development group has ambitious plans beyond Phase 1, including second and third towers based on market demand.
THE HIVE KAMLOOPS has been designed by Vancouver based architects Musson Cattell Mackey Partnership (MCM) who have designed more than 400 notable developments within Canada and the US. The building will be ready for occupancy in Q4 2021.
