The City of Kelowna has finalized a deal worth more than $2.6 million with Mission Group to purchase the properties at 1558 and 1580 Ellis Street for a residential, mixed use development.
“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 Graham Hood, Strategic Land Development Manager.
The properties at the corner of Ellis Street and Lawrence Avenue were bought by the City of Kelowna in 2012 for $1.97 million and used as a temporary parking lot.
The minimum height of the development will be 42 metres, or approximately 12 storeys, and can be up to 19 storeys as outlined in the Downtown Plan. Commercial space at the ground-floor will contribute to the active street life envisioned for the downtown and LEED certification is required. LEED (Leadership in Energy and Environmental Design) is an industry standard for sustainable development and one of the most recognizable green building standards worldwide.
“With more than $20 million in investment downtown in parking, public spaces and transportation infrastructure over the last five years, along with the addition of the Kelowna Community Health Services Centre, Okanagan Centre for Innovation and Kelowna Yacht Club, downtown is continuing to achieve the goals of attracting people, increasing vibrancy and building on the economy of our city,” said Hood. “Enabling residential growth downtown will allow for easy access to transit, services and other amenities and less reliance on vehicles.”
The Downtown Plan envisions a neighbourhood with a location central to the lakefront, mountain views and the Cultural District, where residents can live, work and enjoy. Increases in mixed-use commercial and residential properties are needed to accommodate the expected long-term growth and complement the recent private sector investments.
A development permit application is expected to be submitted for Council approval this year. For more information about downtown Kelowna plans and projects visit https://www.kelowna.ca/our-community/about-kelowna/urban-centres/mydowntown
