TRADE & COMMERCE

A FIRE FULL OF IRONS

A shadowy construction boom lurks in 1992

City construction statistics for the first month of
the year were encouraging. And this month’s activity
shows. even greater promise. So much 50, in fact, that
senior building inspector Bob Lafleur is predicting a
record-breaking construction season if all or much of
what is proposed comes to pass.

In housing, construction began on three homes and
two multi-residential units with a total estimated
value of $818,270 in January. And this month, two
large, one medium and several smaller subdivision
applications have been
filed with the city.

The largest subdivision

proposal has been sub-
mitted by Stan Shapitka..
Shapitka wants to develop
40 lots on a parcel of land
bordering North Thomas
‘between Cooper Dr. and
Twedle Ave.

Shapitka entered a
150-lot. proposal with the
city last year that didn't
materialize. That property is
was located on the bench Lafleur: bullish.
above Lanfear Hill. Sha-
pitka abandoned the idea ~
when faced with a delay for a storm sewer study.

Another subdivision proposal currently before the
city involves the development of five lots on a parcel
of land at the east end of McConnell in the horseshoe
area. A number of smaller proposals are located in
various parts of the city.

Lafleur suggests 1992 could be a record-breaking
year for housing starts. A total of 22 homes are
already under construction and Lafleur says there
could be as many as 50 new homes built this year. In
addition, Lafleur says, there could be as many as 40
new units available in duplexes and fourplexes by
the end of the year. There have been no applications
for building permits for that type of housing to date,
however. 7

In the rental end. of things, an application may be
filed with the city for some condominium-style units
northeast of Yeo St. and Munthe Ave. And there is a

possibility of some activity on Scott Ave. west of the
Woodland (Keystone) Apartments.

Industrial expansion in 1992 has already been
announced by Imperial Oil with the expansion of
their Terrace bulk plant from a local to a regional
facility. And there is information that suggests a
competing petroleum company may be considering a
similar move.

In the commercial sector, new construction and
renovations could total as much as $4 million this
year, The new B.C. Buildings Corporation office
building should be under construction soon. |

Work on the Safeway expansion project, though,
will soon recommence and retail space may be
increased considerably with the addition of a new
shopping centre in town. It would be located near the
downtown core. The proposal, however, is still in the
preliminary stages and there are parking and access
considerations to be sorted out. —

Falling under the institutional category to date are
one project that is a certainty, one that is an
unkriown, and one that falls into the category of
"unpredictable". Construction on the new corrections
centre should begin very soon. There is word that we
may see construction begin on a new dental clinic if

_all goes well.

And the Terrace Regional Health Care Society's

‘supportive housing project by Terraceview Lodge

could begin... but no one’s holding their breath. The
future of this project lies in limbo in Ministry of
Health and Ministry of Social Services and Housing
offices in Victoria.

In total, if everything goes well and if most of these
predictions and proposals bear fruit, the value of new
construction and renovations by the end of the year
could add up to as much as $25 million, according to
Lafleur.

The current record of around $15 million was set
in 1990.

Lafleur says the increase in the number of
housing starts may be a response to lower interest
rates, but adds that there are other considerations as

- well. Low interest rates create a buyer’s market, but

increasing house values in 1991 have also created a

-geller’s market as well. These two factors should add

Terrace Review — February 28, 1992 49