The owners of the Fraser Valley Inn have put the downtown landmark up for sale.
A proposal to develop the site remains before city hall, but a new real estate listing has put an $8.9 million price tag on the building and a nearby lot.
The long-time owners of the building have proposed building 80 apartment units and more than 35,000 square feet of commercial space on both the Fraser Valley Inn site and a lot just to the east. That lot, on West Railway Street, is currently a parking lot.
But the two sites were put up for sale earlier this month.
“This provides the perfect opportunity for a developer to invest and build,” an online posting for the property states. The price tag includes a liquor licence.
The facade of the Fraser Valley Inn is one of six in downtown Abbotsford that must be preserved or rebuilt, as stipulated in the city’s new historic downtown neighbourhood plan.
The current owners have owned the building since 1989. The Fraser Valley Inn’s upper floors are occupied by 22 residents of the Atangard communal living project.
The News has sought comment from the Inn’s owners, but has yet to receive a response.
FROM 2019: Plans redrawn for Fraser Valley Inn redevelopment
FROM 2018: Plan to develop Fraser Valley Inn unveiled
RELATED: Redevelopment threatens to evict young people from ‘intentional community
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