Two lucrative city-owned downtown Kelowna properties have been placed on the market.
The previous Husky gas station, located at 380 Harvey Avenue and the long-vacant McDonald’s site at 1746 Water Street have been listed for sale.
Located a stone’s throw from each other, these two properties are listed for a combined asking price of $11.275 million dollars.
As part of a lawsuit settlement with the fast-food chain in May 2020, the city purchased the former McDonald’s for $2.05 million in May 2020. The building was demolished in November 2020.
According to the BC Assessment Authority, the McDonald’s site was assessed at $2.5 million and the Husky lot was worth $4.38 million as of July 2020.
“Selling these lots will offer significant value to our community, both in terms of revenue generation for the city and the potential for groundbreaking future development at these key locations,” says Graham Hood, the city’s manager of strategic land development.
Remediation to the McDonald’s’ site would hold back any development until the end of 2022.