HM Commercial Group is pleased to have been involved in another historic transaction in Downtown Kelowna.
The long-term land lease of 350 Doyle Avenue, the former site of Kelowna’s RCMP headquarters, has been finalized and all conditions lifted. The proposed mixed-use project by RISE Commercial Developments will be one of the first steps to realizing a vision of vibrancy for this key downtown area as outlined in the Civic Precinct Plan.
The City will receive $7 million for the initial 80-year lease; of this, $4.3 million will be directly reinvested into the site to develop a new civic plaza, Artwalk extension, and 6,000 square feet of community amenity space.
“We’re seeing exciting new elements on the horizon as Downtown Kelowna continues to grow in step with our city,” said Graham Hood, Strategic Land Development Manager. “With many new residential units in the pipeline to strengthen downtown housing needs and a new downtown UBC Okanagan campus being developed, adding to our renowned waterfront parks, active transportation corridors and eclectic food and beverage and retail sector, this development is another step in ensuring downtown Kelowna is an attractive place to live, work and play into the future.”
RISE Commercial Developments, headquartered in Kelowna, has extensive experience developing projects across Canada, including The Shore, recently completed on Lakeshore Road.
It is anticipated the developer will proceed with the public development permit process and rezoning later this year. The timeline for construction is within three years of the closing date.
To view a full copy of the press release from the City of Kelowna, click here.