Kelowna’s Thomson Flats may go from hundreds to a handful of homes
Two of five parcels of land that were part of a failed bid to add to Kelowna’s supply of single-family building lots are for sale for $23.9 million.
The two lots, totaling 306 acres are about half of the proposed Thomson Flats development, at the southeast corner of the city near the Kettle Valley region.
In February 2021, Kelowna city council rejected a development proposal for 680 lots, saying it was too expensive to service, there were plenty of other single-family lots in the city and it’s better to concentrate growth in urban centres like downtown.
READ MORE: This could mark the end of new single-family subdivisions in Kelowna
“Our sellers, unfortunately, lost a lot of money because we had an accepted offer at a very high price and they were extremely happy,” listing realtor Terese Cairns, with Faith Wilson/Christie's International Real Estate, told iNFOnews.ca. “The city took that money right out of their pockets.”
The offer was contingent on the land being rezoned so, when city council turned it town, the prospective buyer walked away.
The land is owned by an older couple who live in Texas who bought it more than 30 years ago, Cairns said.
“They loved it,” she said. “There’s a creek on it. There’s a little lake on it. It’s a beautiful piece of property. There’s amazing views from up there. It would make a beautiful development but the city needs to figure out its infrastructure plan.”
The land is zoned A-1, which means it can be subdivided into 10-acre parcels and built on. Given the need for roads and other constraints, it’s likely 25 or so could be developed, Cairns said.
The addresses are 1155 Hewetson Ave. and 1325 Redstem St. and are at the eastern end of the Thomson Flats area.
While there are two parcels, of about 99 acres and 207 acres, the owners want to sell them together. The new owner, potentially, could subdivide and sell individual parcels. Or they may choose to keep it for themselves.
“A rare opportunity exists here for potential future development or to create an unparalleled private family estate – a legacy for future generations to savour this unique land enveloped in peace and quiet and cocooned by nature,” Cairns’s listing reads. “Experience the vast natural beauty of Kelowna from this property’s elevated position.”
Because it was zoned residential, the owners were not only paying taxes at the residential rate to the city but also had to pay the B.C. Speculation Tax to the province since it was unoccupied residential land.
“They’ve been paying all this tax and it’s not even residentially developable now, so it was a really bad move by the city,” Cairns said. “They want us all to live in little rabbit hutches downtown. That’s not what the market is asking for. It wants single family and townhomes.”
The City of Kelowna has adopted a growth strategy that doesn’t allow for the creation of any new single-family residential subdivisions away from its five “urban town centres.”
READ MORE: Kelowna’s record year for building permits rivals Surrey
Of the 3,187 new housing units created in Kelowna last year, only about 16%, or 504, were single-family.
To see the listing and more photos, go here.
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