The Station is a 69 unit residential unit at Townsite and Terminal in Nanaimo
NANAIMO – In just 10 years, Principle Property Group Inc. has become one of the principal builders—or re-builders—of Nanaimo.
The company has invested heavily in downtown Nanaimo properties and is closing in on completing its fourth project. The Station, a 69-unit residential building at the corner of Townsite Road and Terminal Avenue just outside the downtown core, follows its Outlook, Lumina and Prospect projects on Haliburton Street. These projects are playing an important role in transforming downtown Nanaimo and reshaping the urban landscape.
“This is what revitalization is all about,” notes Julie Madden, Vice President, Operations for Principle. “Many people who have lived in Nanaimo for years have a preconceived idea of downtown. But when visitors arrive from Victoria, Vancouver, or elsewhere, they see something different. They see a vibrant waterfront city with incredible potential.
“We’re attracting a growing number of buyers from the Lower Mainland, and affordability is a big part of that story. Combine that with improved transportation options like Hullo, Nanaimo offers a chance to enjoy an exceptional quality of life without the financial pressures that many people face in larger urban centres.”
Principle Property Group Inc. team members
The Station’s design draws directly from its location beside the old rail corridor, with strong architectural nods to classic train stations. The building features extensive brickwork, heritage-inspired detailing, and a prominent clock at the front entry, giving it a timeless, urban character reminiscent of Grand Central Station.
“It will be completed this fall,” she states. “The building envelope is complete, and drywalling is underway. We look forward to welcoming homeowners later this year.
“What makes this project special is its location—steps from the waterfront, with incredible views and walkability. Many members of our team have personally invested in our projects because we believe in what we’re creating and in Nanaimo.”
Architectural rendering of the new Amrikko’s Indian Grill location in Departure Bay
Principle is also busy on other sites. They’re currently working on a 100-unit rental building in Duncan and rebuilding the former Amrikko’s Indian Grill in Departure Bay. When completed, it will include Amrikko’s once again, as well as other retail outlets, with 12 residential units above.
“It’s rewarding to play a role in bringing new life to underutilized properties,” Madden says. “Bringing back a beloved local restaurant and neighbourhood-serving retail will be a great addition to Departure Bay.”
Madden says Principle continues to seek opportunities in downtown Nanaimo as part of its commitment to urban revitalization.
“We want to help create a more vibrant, walkable downtown with housing options for young people and working professionals,” she adds. “It’s been a long road, but we believe Nanaimo is reaching a tipping point, with more people recognizing its potential.”
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