Penticton's bus depot is now a city asset, after an announcement by the city today, Dec. 4, 2018, that Penticton has purchased the property for $1.2 million.
(STEVE ARSTAD / iNFOnews.ca)
December 04, 2018 - 4:00 PM
PENTICTON - Calling it a “strategic move” the city announced today the purchase of the former Greyhound bus station in Penticton.
The city paid $1.2 million for the five parcels of land on Ellis Street.
Development Services director Anthony Haddad said in a media release that after looking at comparable sales in the area, the price paid represents fair market value for the property. He calls it a “long term investment in the community.”
The opportunity to purchase the land on which the former Greyhound Bus Depot is located emerged as a priority for the City of Penticton as it would contribute to a larger holding that the City has assembled over the last few years,” Mayor John Vassilaki said in the release.
Vassilaki said with the purchase, the city is now in a strong position to reshape that section of Ellis Street and “have a greater influence over how that area may be developed in the future."
The final long-term use for the property has yet to be determined. Following demolition of the depot the property will be converted into a parking lot in the near term.
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