The new President of the Kootenay Co-Op store says their Nelson Commons development breaks a concerning retail mould while the residential component shows responsibility to the wider community.
Jon Steinman is speaking after this week’s confirmation the $26 million venture is going ahead.
He suggests having just a stand alone box of a building replacing the old Extra Foods wouldn’t be right.
Steinman says the 54 new homes – which will accommodate around 100 people- will greatly reduce the debt the Co-Op would incur for building the new store and that will help put them in a very healthy financial shape in the years to come.
Three of the housing units will be restricted sale units and each will be discounted $60,000 below market value. That will make them more affordable and Steinman says the Co-Op will work out an application process early next year that will be income based.