A prime piece of land in downtown Kelowna has been listed for sale, paving the way for a future large waterfront development.
BC Tree Fruits’ former Kelowna packinghouse, at the corner of Ethel Street and Bay Avenue, is up for sale for $20 million. The 89,000 square-foot facility sits on almost four acres of industrial-zoned land adjacent to the old Tolko mill. The land could be poised to become part of a large-scale redevelopment of Kelowna’s north end.
“The City of Kelowna is still considering the future of this entire neighbourhood as an emerging and dynamic area. There is a strong potential for the north end to be part of a master-planned waterfront community,” reads the listing posted by HM Commercial Group.
The former BC Tree Fruits office building at 1473 Water Street sold for $7.5 million in December 2020. (Contributed)
The listing comes less than six months after BC Tree Fruits sold its former downtown Kelowna office for $7.5 million — more than 44 per cent higher than the $5.2-million asking price. Now, with the packinghouse up for sale as well, BC Tree Fruits CEO Warren Sarafinchan says the company is looking to redeploy capital into other projects.
“To be competitive in the global marketplace, we need to make strategic decisions to strengthen the future of the co-operative. This transaction is yet another sign of the positive changes that are being made at the co-operative. As a result, the board of directors has approved this property to be sold,” said Sarafinchan.
READ MORE: BC Tree Fruits downtown Kelowna office sold for $7.5M
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