Two high quality properties owned by the city are finally up for sale.
The long-abandoned McDonald’s site at 1746 Water St. and the site of the former Husky gas station on Harvey Ave. 380 are performed at the same time.
The properties, which are around the corner from each other, are priced at $ 11.275 million.
“The sale of these lots will add significant value to our community, both in terms of revenue generation for the city and the potential for groundbreaking future development in these key locations,” said Graham Hood, manager, strategic land development.
The city said the option to buy both properties together offers the opportunity to design and develop the sites at the same time, creating more opportunities for the site to be remodeled.
It’s been a little over a year since the city bought the former McDonald’s property and the Husky property was acquired a year earlier.
A city press release stated that property is being purchased strategically for community use and investment.
“Future development of these two properties is expected to improve the entrance to Kelowna and support the community’s vision of creating vibrant urban centers that allow residents and visitors to enjoy downtown Kelowna,” the statement said.
“Other future goals for these locations include: architectural excellence and importance, protecting the pedestrian interface on the freeway, and creating a linear link from Water Street to Abbott Street.”
A return on investment is expected for both locations under current market conditions and the proceeds from the sale will be added to the city’s land sale reserve.
The fund is funding the land purchase for the benefit of Kelowna in line with the city’s land strategy.
Even after the land has been sold, no redevelopment is expected until the redevelopment of the former McDonald’s property has been completed, which is not expected until 2022.
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