Great Resort Area Redevelopment Property – Penticton (Approved Rezoning)

CAN$6,200,000

270 Riverside Drive, Penticton, B.C.

The Ogopogo is a redevelopment project near the shores of Lake Okanagan in the resort City of Penticton.  The site will form part of the Northern Gateway Urban Village at the entry to the City.  Either a terraced, stacked townhouse form or a concrete podium and tower form can be pursued under the approved zoning. The entire area is very walkable and surrounded by park, golf course, shopping and residential. Views from the site will be commanding in all directions as it is surrounded by low-rise building forms.  A project that is target to retirees, vacation homeowners, and families is supported by many nearby amenities. The approved design has multiple gardens, an indoor/outdoor pool, and a greenway to be dedicated to the City. The unit mix ranges from one to three bedrooms, including ground level town homes and high-rise view units.

PROPERTY FEATURES AND HIGHLIGHTS

  • This property has been rezoned CD-1 ( comprehensive development).
  • The rezoning allows for up to 218 residential units in 2.5 FAR (tower/podium form).
  • The wood-frame townhouse option allows for 96 units in a terraced form.

PROPERTY INFORMATION

  • Lot Size = 97,617 sf
  • Zoning = CD-1 at up to 2.5 FAR
  • Actual Use = 17  unit motel and 31 unit Recreational Vehicle Park

OUR COMMENTS

This exciting property represents a key position in the resort City of Penticton. While the City has been a magnet for vacationers for decades, only recently has the retirement community started targeting it. Purchasers from the coast and from the prairies have seen the Okanagan as an attractive place to “scale down” and live in style. With increasing emphasis on a leisurely lifestyle, the entire Okanagan valley has experienced increased demand for it’s lakes, golf, wineries and skiing.  The Ogopogo project is in the prime location along Lake Okanagan to provide the maximum high-rise built form in an area surrounded by low-rise.  Increasing sales and values represent a prime development opportunity.

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