The Mission Group has confirmed it’s the company behind the purchase of the former Bargain Shop on Bernard Avenue.
This is the second major downtown purchase for the development company, after buying property at Lawrence Avenue and Ellis Street from the city a year ago.
That property will be the site of the 20-storey Ella development, approved earlier this summer by city council.
“There are few opportunities to secure such a unique and important development property in Kelowna’s Bernard district,” says Luke Turri, VP of development for the Mission Group.
“We are excited to be a part of this once-in-a-lifetime opportunity to invest in Kelowna’s dynamic downtown community and to further our commitment to Kelowna.”
Turri says while Mission Group is keen to get going with design of the building, they are also not in a hurry.
He says it’s a key piece of Kelowna’s downtown, and they want to make sure they do it right.
The property, which spans an entire block of Bernard Avenue from St. Paul to Bertram streets, has sat vacant since the Bargain Shop closed in 2010. It spans 1.5 acres.
While the sale price has not been disclosed, it went on the market for $9.4 million.
The city’s Official Community Plan already supports a building of 26-storeys in height.
While plans have not yet been drawn up and submitted to the city, it is expected the site will include a mix of commercial and residential spaces.
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