The former Kelowna Costco location at Highways 97 & 33. (File photo)

Costco cashes in on sale of former Kelowna property

Costco opened its new store at 2125 Baron Road in February

Victor Projects Ltd. has confirmed on its website that it has purchased the former Costco site at the corner of Highway 97 and Highway 33.

“While we understand everyone’s interest in the future plans for this unique property, we are unable to release any information at this time and will continue to update our website on a regular basis,” read the post.

BC Assessment shows the property was sold on Apr. 13, of this year for $31.2 million, $7,000 less than the 2021 assessed value. It valued the 11 acres of land at $27,114,000 and the warehouse at $4,093,000.

Costco opened its new store at 2125 Baron Road in February. The move met with significant opposition from area residents, mostly over traffic issues. The neighbourhood around the warehouse is made up of townhouses, apartment buildings and seniors’ homes.

In approving the relocation, city council ultimately decided Costco had made sufficient efforts to remedy potential issues, with plans to invest around $2.5 million to partially fund upgrades for neighbouring roads. Those upgrades include new turning lanes onto Leckie Road off Highway 97, which are currently underway.

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@GaryBarnes109
gary.barnes@kelownacapnews.com

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