Just a few short years ago, The Reach at TRU was a vision being carefully developed by the Thompson Rivers University Community Trust (TRUCT). Today, the TRUCT is pleased to announce it is closer to this vision as local developer, Kelson Group, has finalized the purchase of two new building sites at 865 and 875 University Drive.
“We’d like to congratulate local property manager and developer, Kelson Group, as the successful bidder of the two multi-family residential development sites at 865 and 875 University Drive,” said Jennifer Stites, the President of The Reach at TRU. “This purchase completes the available land for development in Phase 1 of our Master Plan. Funds from the sale will support university initiatives such as academic research and student bursaries and scholarships. We are now moving forward to Phase 2 of our vision to enrich campus life by adding even more vibrancy to the campus.”
Excited to be developing yet another project on the TRU Community Trust lands is Kelson Group’s Vice President of Operations, Jason Fawcett.
“Over the past number of years, our company has been working to take the next step moving into the area of property development,” said Fawcett. “For over four decades, our strategy was ‘lease and hold’ focused solely on buying existing apartment buildings, and then maintaining and managing them. Today, our company continues to move into the construction and development of new buildings. This is a different and exciting challenge for our team.”
The 865 and 875 University Drive addresses is the second deal Kelson Group has made with TRU’s Community Trust, the first being Legacy Square, a 77 suite, five-storey multi-family apartment building currently under construction at 895 University Drive.
“Today marks another exciting step in TRU’s journey toward realizing our vision of a vibrant university neighbourhood,” said Brett Fairbairn, TRU’s President and Vice-Chancellor. “From the beginning, the concept of the Reach was to enhance the on-campus experience for our community, both our university community and the Kamloops community. The developments announced today will help transition our campus into a 24/7 urban space where in the future, we envision additional amenities to support our growing campus. Additionally, our students will continue to benefit from proceeds turned to the university from The Reach, money that will go to research, scholarships and bursaries.
“Legacy Square broke ground almost a year ago and we’re pleased with the progress our team is making and the interest we’ve already seen from potential residents interested in renting when we are officially open in the Fall of 2019,” said Fawcett. “These next two buildings will each be fivestoreys, and both have approximately 40 suites. One will be comprised of apartments for rent to add to our portfolio of quality rental buildings, and one will be developed as condos for sale. Developing market suites is again a change for our team, but the market in Kamloops is growing and we have great confidence people will buy into the unique and beautiful environment of The Reach, much like they have with Creston House by the Cape Group.”
Stites noted a recent increase in interest The Reach from developers. “With the number of inquiries received, we know the development community has taken notice and are looking to invest at The Reach. It’s a great spot for us to be in.” The team at Kelson Group will start construction this summer on the new buildings, further enhancing the TRU campus by adding character and vibrancy to create the people-first community as envisioned in the TRU Campus Master Plan. “We have confidence in The Reach,” said Fawcett. “And we believe in TRU. We believe this partnership shows how invested our company is in this community.”