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The parking lot at the corner of Ellis Street and Lawrence Avenue has been sold by the City of Kelowna to Mission Group to build a mixed-use residential and commercial development.
The deal finalized with Mission Group is estimated to be worth more than $2.6 million.
The properties at 1558 and 1580 Ellis street were bought by the City of Kelowna back in 2012 for $1.97 million and have since been used as a temporary parking lot.
According to the Strategic Land Development Manager Graham Hood, the deal furthers both fiscal goals and planning objectives.
“The successful strategic disposition of these properties to realize a significant return on investment over five years furthers the fiscal goals of the City and supports important planning objectives of seeing more people living downtown and sustainable development,” said Hood.
Mission Group is planning to use the lot to build a development between 12 to 19 storeys high, with a commercial space located on the ground-floor.
Mission Group also has a Downtown Plan for their project, which envisions a neighborhood with a location central to the lakefront, mountain views and the Cultural District, where residents can live and work.
According to the City of Kelowna, a development permit application is expected to be submitted for Council approval before 2018.
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