A portion of a city-owned property on Lakeshore Road in Kelowna is now on the market to support upgrades to Boyce-Gyro Park and establish a residential and commercial mixed-use development.
This site, at 3326 Lakeshore Road, is currently being used as a temporary gravel parking lot. It will be subdivided and rezoned to park and mixed-use.
“Proceeds from the sale of the remnant property will be invested into permanent parking and overall park improvements with minimal use of taxation funding,” said Graham Hood, strategic land development manager for the city. “Enabling development will increase the vibrancy of the park space year-round and support the growing town centre.”
The park parcel will be retained by the city and used as a 132-stall parking lot and drop-off area for Boyce-Gyro Park.
The city says the more efficient parking at the location will also allow for the reclamation of the existing parking area at Boyce-GyroPrk, located across from Swordy Road, for recreational use. A concept design and public engagement for these spaces is expected later this spring.
A new access to Lakeshore Road from Watt Road between the parcels will allow for the closure of Watt Road at Lakeshore Road to improve both vehicle and active transportation routes. This access will be temporary until the proposed extension of Lanfranco Road to Watt Road is completed as part of the 20-year Road Network Plan.
The property was purchased by the City of Kelowna in 2006 for $2.95 million.
The approximately 1.2-acre development site, now for sale, is large enough to support redevelopment tothat the city says would animate both Lakeshore Road and the park . The property is listed for sale at $4.9 million.
The final price and purchaser for the site will be subject to city council’s approval.