An unpaved parking lot in Kelowna's downtown has officially been sold.
Mission Group has bought the lot at Ellis Street and Lawrence Avenue for 2.6 million dollars. It was put up for sale last July.
Although details of what will be developed is yet to go before council, the city's Strategic Land Development Manager, Graham Hood, says there are requirements.
“We do know, for example, that there will be a requirement for them to animate the frontage along the property with commercial use,” he says “and as well we know that there will be significant residential development because we put a requirement on to build residential”
Hood says the sale is in line with the city’s Downtown Plan.
“That’s what s so exciting, I think, for the city, here is to see a development moving forward that’s going to continue to make downtown a vibrant place to be and the real trigger for that occurring is having people not only spending time here but living downtown”
A development permit application is expected to be submitted for Council approval this year. Hood says until then, the lot will remain as a parking lot.