Greenwell Asset Management open to various tenants at India Avenue development

The remodeling of an old church into a multi-unit complex for executive project workers and seniors will be brought to the public.

The remodeling of an old church into a multi-unit complex for executive project workers and seniors will be brought to the public for feedback later this month.

Greenwell Asset Management purchased the former Bethel First Baptist Church on India Avenue last year with the intention of converting it into a multi-unit complex, becoming either Mountain View Executive Suites or Mountain View Retirement Home, based on market demand.

“At this point we’re gauging the market. We have no issue with having a mix of seniors and executives. The market will tell us what is the best clientele,” said Geoff Greenwell of Greenwell Asset Management.

The proposed facility would be built with all of the components needed to make it seniors-friendly, aside from an elevator that would be installed at the south end of the building upon its conversion.

“If we found out we had 12 seniors that wanted to live there, we would build the elevator right away,” he said.

But before construction can begin, the company must receive approval from the City of Prince Rupert to rezone the property as RM3, with permitted uses consisting of apartments and boarding houses.

Greenwell presented to city council on April 13, responding to concerns raised.

Coun. Wade Niesh remained apprehensive about the parking situation, particularly with two spaces planned in the alley behind the building. But Greenwell noted these two spaces were scrapped from plans and moved to the front of the property.

“We have 18 parking spaces, as per the city’s guideline … and we have 17 suites proposed in the project,” Greenwell told council.

But Niesh noted the 2G Group has bought a number of properties in the past, renovated them and then put them back on the market, asking Greenwell if that was the intention here.

Greenwell admitted of the 18 properties he’s developed in Prince Rupert, 16 have been sold, but stated Mountain View was a different project all together.

“The partners in this project are committed for the long-term,” he said.

Coun. Joy Thorkelson said she was initially concerned the project was being sold to the city under the guise of being converted into a seniors facility down the line, only for it to end up as a run-down complex. However, she said the projected rental figures changed this view.

Estimates by 2G show that regardless of whether tenants will be executives or seniors, monthly rents will have to be between $1,800 and $2,500 to justify the $1.5 million investment.

“If you’re looking at that kind of rent, I don’t believe you’d be looking at apartments that are going to fall apart after a couple of years,” said Thorkelson.

The city will host a public hearing to gather public input on the project, taking place prior to the April 27 council meeting at 7 p.m.