Some policies respected while others are not
Newlook Capital applied to council March 17 to convert Seacrest Tower downtown to strata. The tower has been rental units since 1963. Newlook has owned the tower since 2004 and has not increased long-established tenants' rents in a very generous gesture. Nanaimo has a longstanding policy for no...
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| Published in | Nanaimo daily free press |
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| Main Author | |
| Format | Newspaper Article |
| Language | English |
| Published |
Nanaimo, B.C
Postmedia Network Inc
25.08.2008
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| Online Access | Get full text |
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| Summary: | Newlook Capital applied to council March 17 to convert Seacrest Tower downtown to strata. The tower has been rental units since 1963. Newlook has owned the tower since 2004 and has not increased long-established tenants' rents in a very generous gesture. Nanaimo has a longstanding policy for not allowing conversions when the vacancy rate is below 3%. Currently, Nanaimo's vacancy rate is 0.6%. |
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