TRADE & COMMERCE.

THE BEST IS YET TO COME
Record construction of $4.6 million
- includes only nine new rental units

- Praictions of a record construction
year in Terrace continue to hold a lot of

s+. promise. The value of building permits
‘.. issued for the first quarter of 1992 total |
“~ $4.86 million, more than double the

~ ) first quarter performance for each of the
“previous three years.

The value of: permits issued last i
month alone, in fact, exceed first quar- —
“ter figures from 1989 to 1991 by a wide

margin. And there are a host of new

a subdivision, rezoning and development
(. Varianee permit applications that indi- »
_ , cate the best is yet to come.

The real story, and in. one sense |
_non-story, though, is in much- needed

50

residential housing.

. Major projects adding to the value -
of construction last month are a new
$225,000 Lazelle. Mini Storage complex

at 4823 Lazelle Ave. and the new B.C.

Buildings Corporation office and ware- —
oe ‘house complex at 4741 Keith Ave. The
os. veal story, and in one sense non-story,
. though, is in much-needed residential .
_ housing.
| In March 1992, 11 permits for single .
family dwellings were issued totalling
an $1, 24 million. This brought the total
construction of new single-family homes

in Terrace this year to 24 units worth
an estimated $3 million. During the

. first quarter of 1991, only eight units

worth $806,510 were built. Construction

of séven of those eight homes didn’t:

begin until March.

What isn’t happening to any great .
__° extent this yéar is the construction of
/.. multi-family rental units. In January

>: there were two starts;
_ o)- @ $139,720 duplex at 4905 Park and a

» Terrace Review ~ April 24, 1992

ESSE HDT UOT HAE a aa ;

| $288, 000 four-plox a at. ‘2102 Pear, There *

were none in February, and in March.
the only additions were a new $162,000 —
home with.a basement suite at 4616

' Hamer.and a $172, 000 duplex at 4620

Hamer,
* That means new rental. units added

this year total only nine. In fairness, a
' that’s far better than the first quarter of |
1991 when no rental accommodation — _
was built at all, but it is still far short of ae
the need. . a
'. There are at least two. rezoning o

applications i in the works, however, that

.could correct the situation. With

approval, four rental. ‘units would be
built at Sparks and Walsh, and a long- -—
overdue apartment complex with an:

: undetermined number of units might go"
‘ahead in the 4600-block Park Ave, |
Additional: space for single family

homes will become available if two
major subdivision proposals proceed.

- One of these is located in the 4800 block

Halliwell, and the other in the 3900
block North Thomas, In addition, there
are a number of smaller proposals in
works around town. .

As far as the construction industry
is concerned, however, the amount and ©
total value of construction-is more sig-
nificant than the type of facility being

. built. And it is here that 1992 construc-

tion statistics shine.

The total value of construction’ for
the first quarter of 1989 was listed at
$2.1 million. Not bad when’ compared to
the $1.3 million showing in 1990; and |
the $1.6 million indicated as being
invested in 1991. - oe

- But those numbers pale when com-
pared to this year’s.$4.6 million worth...
of construction, and the present. indica-

tions of what is yet tocome. _ a coe