Prime property in downtown Kelowna has been put up for sale, paving the way for future major waterfront development.
BC Tree Fruits’ former warehouse in Kelowna 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 four 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. There is great potential for the north end to be part of a master-planned waterfront community, ”reads the listing published by HM Commercial Group.
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 asking price of $ 5.2 million. Now that the packaging house is up for sale too, Warren Sarafinchan, CEO of BC Tree Fruits, says the company plans to invest capital in other projects.
“In order to be competitive in the world market, we have to make strategic decisions to strengthen the future of the cooperative. This transaction is a further sign of the positive changes in the cooperative. As a result, the Board of Directors has approved the sale of this property, ”said Sarafinchan.
READ MORE: BC Tree Fruits downtown Kelowna office sold for $ 7.5M
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City of Kelowna Real Estate
