Developers - Clinton BC Developers

Multi-use Commercial / Residential Building

Multi-use Commercial/Residential Building - Clinton, BC

Multi use commercial/residential buildingINVESTMENT OPPORTUNITY

Multi-use development will instill a vibrant village centre in Clinton and create a ‘focal point’ for the community. There are available sites located throughout the Village that are suitable for this type of project with prime locations in the municipality including the Highway 97 corridor.

Multi use commercial/residentialTHE OPPORTUNITY TREND

People’s attitudes about where they want to live, work, shop and play are changing. According to the National Association of Realtors (NAR) 60 percent of respondents favour a neighborhood with a mix of houses, stores and other businesses that are within walking distance. The accommodation of new retail, residential and/or professional offices is a major focus of the Village of Clinton’s economic development efforts, opportunities for new businesses as diversified as a bakery, jewelry store, artisan/crafter, brew pub, and pharmacy exist.

BECOME THE HEART OF THE COMMUNITY

Mixed-use development is a type of development that blends residential, commercial, cultural, institutional, or industrial uses, where those functions are physically and functionally integrated, and that provides pedestrian connections.

SEIZE THE NEW ATTITUDE

The mixed-building concept is becoming more popular. Demographic changes, stemming from the aging Baby Boomer and the emergence of Gen-Y, have shifted consumer preference away from enclosed shopping centres toward smaller-scale retail projects in downtown commercial and mixed-use environments.

Because of these shifting preferences and the rise of online shopping, commercial development is adjusting to a more market-friendly position, this trend works in favour of mixed-use smaller scale commercial developments (Sonoran Institution nd).

INVESTMENT RANGE

The concept that would best suit the Village would be a smaller mixed-use two-storey building with commercial space on the main floor and residential units on the second floor. Based on Southern Interior BC costs for a mix of residential and office building construction, development costs are anticipated to be between $195 and $240 per square foot for a medium quality building (Altus 2015).

The Clinton Advantage

The Village of Clinton presents several strengths that would support multi-use commercial/residential development.

  • The Village is very supportive of seeing the mixed residential/commercial building concept move forward in the downtown core and is eager to work with developers;
  • The community has several strategic properties that can be purchased at a reasonable price and that are already serviced by municipal services including abundant, affordable water and sewer treatment capacity;
  • The community is currently experiencing a very low rental vacancy rate suggesting that demand for new rental accommodation exists;
  • Clinton offers very affordable development costs when compared to other southern interior communities;
  • As a small town Clinton provides development services in a timely fashion that cannot be matched in larger centres; and,
  • The Village is flexible in rezoning downtown properties to meet new business and residential demand.