The City of Kelowna has finalized a deal for the asking price of $4.9 million with Al Stober Construction (ASC) to purchase part of the lot at 3326 Lakeshore Road, next to Boyce-Gyro Park, for a residential and commercial mixed-use development.
As the owner of an adjacent property, ASC will provide land for the extension of Lanfranco Road, with the stipulation that construction of the road must begin within three years. The City has agreed to buy back land north of the future road for $500,000 to make it a riparian area green space, adjacent Fascieux Creek.
Graham Hood, Strategic Land Development Manager says “with the modification of this lot, we will achieve parking, park and road network improvements while using minimal taxation funding.”
Plans are for residential development coupled with commercial space at the ground-floor.
This site, purchased by the City of Kelowna in 2006 for $2.95 million, is currently being partially used as a temporary gravel parking lot and partially vacant lot. It has been subdivided to be rezoned to park and residential and commercial uses.
The park parcel adjacent to Boyce-Gyro Beach Park will be retained by the City and constructed as a permanent, approximately 132-stall parking lot and informal drop-off area for Boyce-Gyro Park.
A new access between the newly divided parcels will allow for closure of Watt Road at Lakeshore Road. This will improve vehicle access for the park, local residences and future development site. It will also improve active transportation routes, and safety for park users.
It’s proposed that the more efficient parking at this location will also allow for the reclamation of park space from the existing parking in Boyce-Gyro, across from Swordy Road, for recreational use.