Western Investor is reporting the sale of a site at 1620 Water St. on the corner of Water Street and Leon Avenue.
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June 29, 2018 - 4:00 PM
KELOWNA - A downtown Kelowna property that can accommodate a 26-storey high-rise has just changed hands.
Western Investor is reporting the sale of a site at 1620 Water St. on the corner of Water Street and Leon Avenue.
It is located inside the city’s tax incentive area one, a special zone designed to encourage development in one of the downtown core’s most blighted areas.
While the sale does not necessarily mean development is imminent, its location in Area One provides for 100 per cent property tax exemption on the municipal portion of a property’s tax bill for periods of 10 years.
The Investor quotes NAI Commercial Okanagan as having sold the C-7 zoned site for $2.9 million in early March. The Investor says the site is designed for mixed-use development with a central business commercial zoning.
The site currently houses Boyds Tire and Auto Service and a dry cleaning business, but was for years the home of Boyd Autobody.
The Investor story does not name the new owner of the property but notes it was assessed for $2,506,000 in 2017.
Should construction of a high-rise ever proceed on the site, it would join Ella, a 20-storey condo development two blocks over on Ellis Street and Lawrence Avenue as the only two high-rises south of Bernard Avenue in the downtown core.
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