October 2025 Updates
City Council Rezone Approval
This month brings most likely our BIGGEST news and progress yet. Last month, we noted that the planning and zoning committee had approved of our plans and design, but we still had the hurdle of city council approval. Well, on October 14th, the city council approved of our rezone and plans for the site. Huge news for all of us here along with our investors as that hurdle does quite a few things for us.
Upon acquisition last summer, the property was zoned R-1C, you can see the highlights of
what is allowed in R-1C here. Currently the city allows up to 12.4 units per acre in that designation. As is, that would allow us to build up to 17 units on the site.
One of the things that the GP team liked about this property from the start is that it’s surrounded by mixed use zoning and the city seemed to miss a couple parcels in this neighbourhood during the rezoning process in 2003. During due diligence, we met with Planning and Zoning along with our project manager several times to get a feel for the possibility of getting this parcel rezoned as mixed use. The city essentially told us from the start that they would support the project, and they’ve made good on that.
The parcel is now being officially rezoned to MX-1. This designation allows higher density with reasonable setback for the residential nature of the neighborhood. You can read more about the requirements here, but including a potential commercial use was a big part of the city’s support and our team has done that by providing a 9 unit multifamily building and providing live/work options for the townhomes on the north side of the lot facing Ustick.
What does this all mean for the project as a whole? It allows us to start working, legally and in earnest, on actually dividing the parcel in to 21 separate lots, one of which being for a 9 unit apartment building, creating instant equity for all of the investors involved in the project.
It is our hope that we will have the parcels officially divided and be moving dirt in the spring. There are certainly other hurdles to overcome, but as a team, we are making good progress and aren’t too far off from our original, optimistic timeline.
As usual, please feel free to reach out with any questions and let us know if you have any friends or family who might be interested in investing- we are getting close to being fully funded, so it’s likely we will close out the offer soon.
Happy Investing!


