The City of Kelowna oversized a two-lot real estate business on Harvey Avenue.
The combination deal applies to the long-vacant McDonald’s restaurant at 1746 Water St. and the former Husky gas station at 380 Harvey Ave.
Both properties are just one block east of the William R. Bennett Bridge and are considered “gateway” properties to the city due to their location.
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According to the city’s strategic land development manager Graham Hood, the total price for the two properties was just over $ 11 million.
“I think there can be a lot of synergy between the two properties,” Hood told Global News.
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By listing the two lots together, the city’s employees want to inspire developer design.
“We hope the developer community comes back to us with some fantastic ideas that really shape these two properties,” said Hood.
“Some great architecture, some real signature pieces that, when you stumble across this bridge, people who really got you to Kelowna.”
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“We are very much looking forward to it being refurbished,” added Kelowna’s Mayor Colin Basran. “Something, whether mixed use or office or residential or commercial.”
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He added, “just something that will help improve the urban center of our inner city.”
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Both properties have been vacant for years.
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“I think most people would agree that (the lots) were some kind of eyesore,” Basran admitted.
The controversial McDonald’s location was embroiled in a lengthy legal process with the city when Water Street was realigned.
The restaurant claimed that the realignment resulted in a significant loss of business that forced the restaurant to close.
“Finally being able to bring it to market is another step forward for a property that has been vacant for far too long,” said Basran.
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Last year, the city finally completed the purchase of 1746 Water Street for $ 2 million.
Add to this the $ 4.15 million for the former Husky gas station property, and the city will get a sizable return on its investment.
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In particular, the city will not accept any offers for the properties for three months. The city says this should give the developers time to submit designs for the two lots.
The site mitigation on the McDonald’s property is expected to continue through 2022, with final development to follow.
© 2021 Global News, a division of Corus Entertainment Inc.
