Are you looking for commercial property to purchase in downtown Kelowna? If so, the city has put a large piece of real estate on the market.
The city-owned property located at 350 Doyle Ave., was previously occupied by the RCMP detachment and is listed with HM Commercial Group at $6.5 million.
The new building could provide downtown housing and ground-level commercial space.
“The property will be marketed starting July 5 until early September and then staff will evaluate bids and make a recommendation to council for the disposition of land consistent with city practices and pre-established evaluation criteria,” strategic land development manager Graham Hood said.
It is in the cultural district, between the Kelowna Community Theatre and the Okanagan Innovation Centre.
The city does have some requirements for the development, which include constructing a LEED-certified (or better) building, prepaid land lease for 80-plus years, primarily residential development (minimum 10 storeys), a two-year time frame to begin development, supplying 6,000 square feet of community amenity space and the construction of an artwalk extension.
Kelowna city staff have been working on a formal marketing proposal for the 0.35-hectare (0.87-acre) property since the old police building was demolished last year.
“In keeping with the city’s civic precinct plan, the development calls for higher density housing and mixed-use commercial at ground level. The housing could be strata-ownership or planned rental apartments,” Hood said.
The plan also includes redeveloping the Kelowna Community Theatre property, but it isn’t in the works yet.