Major downtown land sale

A pair of high-profile properties in downtown Kelowna have sold, and the Vancouver development company that shelled out for them has its eyes on a highrise.

The properties sit on either side of Leon Avenue, at 1660 and 1620 Water St. They once belonged to Kelowna entrepreneur Archie August, but now house a parking lot and Boyd’s Tire and Auto Service.

After staying in the August family for generations, the two properties sold not long ago for a combined price of $4.8 million.

The realtors involved in the deal aren't identifying the buyer, but do say the company has been looking for development opportunities in Kelowna and pursued the properties aggresively once they hit the market.

For more details on the sale, check out the full story on Castanet's sister business news website Okanagan Edge.

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