Courtenay buys Bridge Lounge
The City of Courtenay has bought the Bridge Lounge, a property beside the Fifth Street Bridge that's overlooking the Courtenay River.
The property was in foreclosure and was for sale for quite some time.
Through a court-ordered sale, the city then decided to acquire the building and land for $410,000.
Mayor Larry Jangula said it's a strategic acquisition because it offers the city a number of potential opportunities such as widening the bridge, creating bike lanes on the bridge and establishing a walkway that will provide access to the river.
"An opportunity came up and we decided to take advantage of it," said Jangula. "It opens a lot of doors for us."
The city is expecting the some major developments to the area adjacent to the Bridge Lounge including the creation of a seniors centre near Central Builders.
"When the rezoning happens, we want to get the walkway along the river built and that will all be part of it," said Jangula. "For me, it's kind of a clever purchase. It's a strategic type of purchase."
The deal was completed last week. Jangula said the funds to pay for the property were derived from proceeds from the casino.
"This is money that we have at our disposal and it comes from the whole area," said Jangula. "When you actually think about it, it makes a whole lot of sense. The potential usage of that property will benefit the whole community. So I guess the entire community helped pay for it."
Jangula said the price for the property was below market value.