The City of Âé¶čAV is putting some land it purchased up four years ago for sale in hopes a developer sees interest in putting a residential mixed use property there.
The properties are at 1558 and 1580 Ellis Street in Âé¶čAV are now on the market to establish a residential, mixed use development. The city purchased the properties in 2012 for $1.7 million and used them as a temporary parking lot. The lots are now listed for sale at $2.35 million.
The City says, in a press release, a strong residential base is key to establish a vibrant downtown and is one the initiatives outlined in the City of Âé¶čAVâs Downtown Plan.
Bordered by its central location to lakefront, mountain views and the Cultural District, downtown is expected to be one of the areas most desired to live, work and enjoy. Following through on the actions of the Downtown Plan, this is envisioned to increase mixed-use to accommodate the expected long-term growth and complement the recent private sector investment.
âWith the addition of the Âé¶čAV Community Health Services Centre, Okanagan Centre for Innovation, Âé¶čAV Yacht Club and more than $20 million in investment in parking, public spaces and transportation infrastructure over the last five years, the successful strategic disposition of these properties will continue to achieve the goals of attracting people, increasing vibrancy and building on the economy of our city,â said Graham Hood, Strategic Land Development Manager.
âEnabling residential growth downtown will allow for easy access to transit, services and other amenities and less reliance on vehicles.â
In alignment with the Downtown Plan, increased density is anticipated on the Ellis Street properties. The majority of investment in the downtown has been through commercial and institutional office projects in the last five years and the lot on Ellis Street will support the on-going revitalization of the downtown. Commercial space at the ground-floor would contribute to the active street life envisioned for the downtown.
The final price and purchaser for this site will be subject to Councilâs approval.
For more information about downtown Âé¶čAV plans and projects, visit kelowna.ca/mydowntown.
