Sale of $37M property could possibly be largest residential actual property deal in Kelowna historical past

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Sale of M property could possibly be largest residential actual property deal in Kelowna historical past

That is the view many residents might have if this property sells and has housing constructed on it.

Picture Credit score: Submitted/

A 90-acre parcel of land within the Rutland space of Kelowna has gone in the marketplace for $37 million.

It’s not listed via any realtor however is posted on the For Sale by Proprietor Inc. web site.

It’s 90.19 acres at 1151 McKenzie Rd., which is north of the Toovey Highway subdivision and west of the Black Mountain Golf Course.

The land went in the marketplace two to a few weeks in the past, in line with the house owners’ lawyer, Crystal Wariach.

“Over 90 acres of Kelowna’s most interesting future growth land with spectacular panoramic views of the lake and metropolis lights,” the true property itemizing says.

The land is just not within the agricultural land reserve and is designated for housing.

This outlines the property.

This outlines the property.

Picture Credit score: Submitted/

In 2019, when metropolis council was taking a look at numerous development eventualities, Wariach emailed councillors on behalf of the house owners.

She requested that this parcel retain is designation as future housing, which is what occurred.

“Over the previous two years, my purchasers have had skilled growth plans created for the property,” she wrote. “The plans present for the construct out of as much as 320 tons for single-family houses on the property.”

Modifications within the metropolis’s designation for using the land since then point out that it may be rezoned to permit for greater than 270 single-family houses, Wariach stated in an e-mail.

The house owners purchased the property in 1999 and proceed to personal it, Wariach confirmed.

The land is included within the Bell Mountain Space Construction Plan that was adopted by council in 2003. That lined 516 acres, of which 160 acres, together with this parcel, are undeveloped.

The land that has been developed contains greater than 400 residential tons within the Blue Sky, Prospect Mountain and Lone Pine Estates subdivisions and the Black Mountain Golf Course.

The most important sale via the MLS itemizing service that has been publicized so far was introduced in January 2021 when the Kirschner Mountain housing growth offered for $22 million.

It included 190 acres of land left from a bigger parcel that was a part of the Kirschner Mountain housing growth.

READ MORE: Sale of Kirschner Mountain for $22 million makes Okanagan historical past

If the McKenzie Avenue property sells for $37 million it’ll eclipse that sale by way of residential property offered via the MLS system within the metropolis.

Because the Kirschner Mountain sale, there have been greater actual property offers in Kelowna.

Final December, the Mission Group paid $24 million for the previous B.C. Tree Fruits plant close to the North Finish of downtown.

READ MORE: $24M sale of Kelowna waterfront property will set off a whole bunch of thousands and thousands in financial influence

Earlier this 12 months, Victor Tasks spent $33 million to purchase the previous Costco web site close to the Freeway 33 and Freeway 97 intersection.

The McKenzie Highway itemizing might be seen right here and Wariach might be contacted by e-mail at [email protected]

— This story was up to date at 9:48 a.m. Thursday, Dec. 8, 2022, to replace growth plans and the potential variety of tons.

 — This story was up to date at 11:38 a.m. Thursday, Dec. 8, 2022, to take away the names of the house owners of the land at their request.

To contact a reporter for this story, e-mail Rob Munro or name 250-808-0143 or e-mail the editor. You can too submit images, movies or information tricks to the newsroom and be entered to win a month-to-month prize draw.

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