A Kelowna real estate group believes the land on which the former Tolko mill currently sits will be worth nearly $50 million when all is said and done.
MCL Real Estate Group, which is part of RE/MAX Kelowna, noted that BC Assessment valued the Tolko property at $19.1 million, but it believes the location of the 39.68 acres will send the price skyrocketing if and when it’s ready to be developed.
“Once this land becomes available and hits the market, there should be a ripple effect throughout the industrial market,” MCL senior partner Ken McLaughlin said in his organization’s recent year-end report. “Unfortunately, the realization of the Tolko lands becoming available is more of a longer-term proposition.
“The current mill will need to be decommissioned, and some of the land will require extensive remediation. But once complete, this large piece of industrial land will see its value rise.”
McLaughlin believes the total value of the land will be closer to $48 million.
“Time will tell what the eventual redevelopment of the Tolko lands looks like, but when it happens it will be an interesting time in Kelowna’s industrial market,” he said.