A developer struck a conditional deal to purchase Sidney’s Cedarwood Inn and Suites with an eye towards building a four-storey mixed residential-commercial development on the site. The Lochside Drive location would include up to 265 rental units ranging from studios to four-bedroom townhouses.
The ocean-facing business is a familiar, even iconic site in the region, with countless motorists, cyclists and pedestrians passing it.
Jordan Milne, president and chief executive officer of GMC Projects, said the deal hinges on council rezoning the property from its current neighbourhood motel with a maximum height of nine metres (two storeys). “The property needs to be entitled for more than a motel and a restaurant given its size in order for it to proceed,” he said, adding about one-third of the 3.25-acre property remains unused.
This proposal is the latest in a series of attempted re-developments.
Plans by Total Concept Developments, a Kamloops-based company, to build three six-storey buildings (one hotel, two residential buildings) along Lochside Drive saw the public light about two years ago but did not get off the ground.