Land purchase finalized for $800M mixed-use community
The project could add 1,500 homes to Penticton.
Key Takeaways:
- The project team plans to build a mixed-use community of up to 1,500 homes, plus over 100,000 square-feet of retail, office space, and other commercial uses.
- The developers are Stryke Group and Tien Sher Group.
- Penticton has approved zoning amendments for the project and the developers have acquired the 10- acre parcel where it will be built.
The Whole Story:
A massive real estate transaction has been finalized in Penticton, B.C., paving the way for an $800-million mixed-use community project.
“I am very excited to share that we have officially closed on the acquisition of this 10-acre parcel, the largest commercial sale of 2023 in the Okanagan,” said Rocky Sethi, managing director of Stryke Group. “This rare site features an incredible location, adjacent to Penticton Regional Hospital, and provides the opportunity to develop a truly innovative community, in phases with multiple uses which help ensure the success of the project long term, despite the economic headwinds.”
Sethi explained that the team’s vision is to bring forward a master planned, mixed use community of up to 1,500 homes, plus over 100,000 square-feet of retail, office space, and other commercial uses. They are working with Tien Sher Group, another lower mainland developer, on the project. They are being backed by Valley First, a division of First West Credit Union.
“Over the next 10 years, we will invest upwards of $800 million into this project, delivering much needed civic infrastructure upgrades, and over $2M in DCCs. The economic benefit of this project will include the creation of hundreds of local jobs during construction and space for upwards of 300 permanent workers on site at full build out.
In October, council unanimously approved an Official Community Plan (OCP) amendment for this industrial-zoned site to allow the mixed-use development.
The first phase of the project includes building a Class A office building and pedestrian-oriented retail.Future phases will include hotels, seniors housing and more.
