$3M Glenrosa property sold
Kirk Penton - Oct 10 - Biz Releases

Image: HM Commercial Group

An Okanagan developer has dropped millions of dollars on more than 30 acres of prime development land in West Kelowna’s Glenrosa neighbourhood.

Molenbeek Ventures recently bought the 32-acre property, which butts up against the residential neighbourhood on Morningside Drive.

According to Giulio De Iaco, of HM Commercial Group, the land represents a rare opportunity for lake-view development in Glenrosa.

He says its proximity to schools and shopping, combined with its view of Okanagan Lake, will make any homes built there attractive options for homebuyers.

Molenbeek Ventures hasn’t yet said what its plans for the property are, but De Iaco says plans are in place on the property for as many as 186 residential units. The land also features an optional, 1.5-acre commercial space.

“We look forward to seeing how the property takes shape,” he says.

De Iaco did not reveal how much Molenbeek shelled out for the property, but last year BC Assessment pegged the land’s value at $3,123,000.

Molenbeek Ventures is a European-inspired developer that’s been building in the Okanagan since 2006. The company is probably best known for its Skyview Terraces in Kelowna, which won three gold and two silver Tommie Awards.

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