The identity of the local company that bought a prime piece of real estate in Kelowna’s downtown core has been revealed.
The Mission Group, one of the city’s leading developers, says it is continuing to demonstrate its commitment to the city’s downtown area with the purchase of the 1.5 acre site on Bernard Avenue that used to house the former Bargain Shop.
The sale of the property, located at in the 500-block of Bernard across from the Towne Centre Mall, was announced Monday. The building has stood vacant since 2010.
The property spans an entire block between St. Paul Street and Bertram Street and includes an existing parking lot along St. Paul Street.
The price the company paid for the property was not made public but it was listed at $9.4 million.
The Mission Group said it wants to build on its existing momentum and demonstrate a commitment to the city’s evolving downtown area with the purchase. The company is currently developing a mixed-use, high-rise residential tower to be called Ella, at the corner of Ellis Street and Lawrence Avenue.
No details of any development proposed for Bernard Avenue site were announced, but current zoning would allow for a mixed-use, residential development with a tower up to 26 storeys high.
“There are few opportunities to secure such a unique and important development property in Kelowna’s Bernard district,” says Luke Turri, vice-president of development at the Mission Group.
The company says in the upcoming months, it plans to develop concept plans for the site and ensure they “contribute to the legacy of Mission Group and Kelowna’s emerging downtown area.”