The purchase of the 1.5 acre site in the heart of Kelowna's downtown core was big news yesterday, but not many people knew who had actually purchased the property.
Tuesday afternoon The Mission Group, one of the city’s leading developers, said it has purchased the site as a way to continue to demonstrate its commitment to the city’s downtown area.
Located at the 500-block of Bernard across from the Towne Centre Mall, the site was formally home to the Bargain Shop but has stood vacant since 2010.
“There are few opportunities to secure such a unique and important development property in Kelowna’s Bernard district,” said Luke Turri,Mission Group's VP of Development. “We are excited to be a part of this once in a lifetime opportunity to invest in Kelowna’s dynamic downtown community and to further our commitment to Kelowna.”
The Mission Group is also currently developing a mixed-use, high-rise residential tower to be called Ella, at the corner of Ellis Street and Lawrence Avenue.
The property spans an entire block between St. Paul Street and Bertram Street and includes an existing parking lot along St. Paul Street.
The price the company paid for the property was not made public but it was listed at $9.4 million.