Prime property in downtown Kelowna has been put up for sale, paving the way for future major waterfront development.
BC Tree Fruits’ former Kelowna warehouse on the corner of Ethel Street and Bay Avenue is for sale for $ 20 million. The 89,000 square meter facility is located on a nearly 4 hectare industrial area next to the old Tolko mill. The land could be ready to be part of a large-scale redevelopment of the northern end of Kelowna.
“The City of Kelowna still sees the future of this entire neighborhood as an emerging and dynamic area. The North End has great potential to be part of a master-planned waterfront community, ”says the HM Commercial Group listing.
The listing comes less than six months after BC Tree Fruits sold its former downtown Kelowna office for $ 7.5 million – more than 44 percent more than the $ 5.2 million price tag. Now that the packhouse is also up for sale, Warren Sarafinchan, CEO of BC Tree Fruits, plans to use capital on other projects.
“To be competitive in the global marketplace, we need to make strategic decisions to strengthen the cooperative’s future. This transaction is another sign of the positive changes that are being made in the cooperative. As a result, the Board of Directors approved the sale of this property, ”said Sarafinchan.
READ MORE: BC Tree Fruits’ downtown Kelowna office sold for $ 7.5 million
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Do you have anything to add to this story or anything else we should cover? Email: michael.rodriguez@kelownacapnews.com
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