An abundance of available and affordable land is available in Terrace for commercial, residential, and industrial development. The City mantains an inventory of lands. Staff are available to discuss your particular needs, provide you with further information, and connect you to landowners to discuss opportunities further.
Terrace's three key development areas
Terrace has many benefits to offer businesses looking to develop or expand. Watch our investment video highlighting three key development areas.
Explore local opportunities
Find our three key development areas and other investment opportunities on the map.
More information about our key development areas
The City currently owns and is selling 4617 Greig Avenue, locally known as the Co-op Lands. Its colloquial name comes from its previous use as a food store, hardware store, gas bar, and other uses by the Terrace Co-operative Association.
This 2.83-acre commercial property in the downtown benefits from the following highlights:
- Location within the Terrace Downtown Improvement Area,
- Within the Downtown Tax Exemption bylaw area,
- Has potential for further incentive if residential development is involved
- A subdivision concept is available to discuss
The 15-Acre Keith and Kenney site is currently owned by the City of Terrace and previously housed a sawmill and timber sort yard. Prior to that, it was used for agricultural purposes. The site is currently vacant and is composed of three lots totalling 6.13 hectares. The adjacent 2-hectare lot at 5004 Keith Avenue was sold by the City and will be the site of a new car dealership.
- Located within an industrial zone near the city centre
- Approximately 700 metres northeast of the Skeena River and directly south of the Canadian National Railway
- Lots are relatively flat with an asphalt access road crossing the site
- A subdivision concept exists for this property and interested investors are invited to contact the City to discuss further
The City received confirmation from the BC Ministry of Environment that the site is no longer classified as a contaminated site; it is thus readily available for re-development.
The Skeena Industrial Development Park (SIDP) is a greenfield site ready for new development The City of Terrace is committed to working with interested groups to enable development.
- Currently has four property owners with a significant amount of land still available for development
- Many utilities and infrastructure already in place, an asset for any additional businesses who chose to site at SIDP
- Soil is alluvial gravel, which has excellent drainage and seismic stability and is capable of withstanding heavy loading associated with a broad range of industrial developments
- Suitable for businesses that would not be suitable for available in-town commercial lots
- Other land owners may also have available lands for lease or sale and the City can provide introductions to those developers
Residential or commercial-residential mixed-use re-development or new development within the following zones can benefit from a municipal tax exemption for up to 5 years:
- Central Business Commercial (C1)
- Shopping Centre Commercial (C2)
- Urban Commercial (C1-A)
- Downtown Tourism (C7)
- Medium Density Multi-Family Residential (R4)
- High Density Multi-Family Residential (R5)
Following the requirements of our Downtown Revitalization Tax Exemption Bylaw and with the proper permits, developments have the following exemptions from taxes with their corresponding investments:
|"Area A" Mixed Use Commercia/Multi-family Residential (Minimum 3 units)||"Area B" Stand-alone Multi-family Residential (Minimum 3 units)|
|Improvements||Any new construction||Any new construction|
5 years for residential component
5 years for commercial component
|Project Value of Mixed Use, Residential and Commercial Construction|
Annual Tax Exemption
|Over $500,000||Higher than $250,000 or the value equal to the increase in the assessed value of improvements on the parcel between a) the year before teh commencement of construction of the Project, and b) the year in which the Tax Exemption Certificate is issued|
This program provides grant funding to local governments to create a ‘Dollars to the Door’ program that will enhance and support economic development by incentivizing private sector housing developments.
Local governments are eligible to receive a grant of up to $10,000 per dwelling created in a multi-unit market housing project to a maximum contribution of $200,000.
The City of Terrace can apply for this funding on behalf of a developer who intends to build within the guidelines of this program, which is funded by the Northern Development Initiative Trust.
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We're here to help. Contact us or dive further into the data in our Investment Portal.
Call us or visit City Hall and we will be happy to talk about what makes Terrace an excellent place to live, work, and invest.
City of Terrace Economic Development
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