Photo: Castanet

An apartment building on the North Shore which sustained damage in a 2021 fire was purchased by BC Housing and is expected to open this fall as affordable rental housing.

BC Housing says it is expecting to spend nearly $15 million on a North Shore apartment building that will offer dozens of affordable rental units once renovations are complete.

The apartment building, located at 435 Cherry Ave., has been vacant since it was damaged in a fire in 2021.

The province announced it had bought the property for $11.2 million in the spring of 2023. Opening day for the 42-unit building has been delayed a number of times, with BC Housing now planning for occupancy this fall after extensive renovations are complete.

In an emailed statement to Castanet Kamloops, BC Housing said the total budget for the project is about $14.8 million — an estimate that includes the initial property purchase and associated fees, renovations and contingencies.

“Of this amount, the renovation is budgeted at approximately $2.5 million, including soft costs and contingencies,” BC Housing said.

Project delays have been blamed on incomplete work by the seller.

In late 2023, BC Housing said it had placed a hold back of $250,000 on the sale contract, with an “appropriate” amount being taken out to cover the cost of finishing the incomplete work.

The province said it was also taking the opportunity to consider making additional improvements to the building.

BC Housing said last month that work on upgrades at the Cherry Avenue building started in December. Once units are ready, the building will be managed and operated by Interior Community Services.