Local development company buys prominent property in downtown Kelowna

A large downtown Kelowna property and its vacant retail building have been bought by a local development company.

The 1.5 acre site on Bernard Avenue is the former location of Bargain Shop which closed in 2010.

The property was recently appraised at $9.4 million but the purchase price by Mission Group has not been disclosed.

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“There are few opportunities to secure such a unique and important development property in Kelowna’s Bernard district,” said Mission Group spokesperson Luke Turri in a news release. “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 company says it will now focus on developing concept plans for the block-long property which was marketed as having the potential for a 26 storey tower.

Mission Group plans to build a high-rise condominium complex on another property it owns in downtown Kelowna.