Property owners in Capri area hope to get developers' attention

Homeowners consolidate

Some property owners in the Capri-Landmark area of Kelowna are hoping to cash in as that area gets ready to undergo a major transformation.

Many of the single-family neighbourhoods between Gordon Drive and Spall Road on the south side of Harvey are expected to be redeveloped into four to six storey apartments as the city looks to add approximately 8,000 new residents over the next 20 to 30 years.

The plan in place for the area would also include an extension of Sutherland Avenue, as well as the building of new parks, pedestrian and bicycle pathways and transit connections.

That plan, approved 17 months ago, has prompted several property owners in the Belaire and Sutherland avenue areas just east of the Capri Mall to join forces and market their homes as a consolidated block.

Nearly two dozen properties within the neighbourhood are presently up for sale, including a consolidation of seven adjacent properties on Belaire, and five connecting properties on Pridham and Sutherland avenues.

Two other adjoining properties on Devonshire Avenue are also listed on realtor.ca and, while they are not being marketed together, descriptions suggest adjoining properties are also available to "create a land assembly."

Sage Executive Group realtor Greg Penner, who holds several listings in the area including those along Belaire, says the properties are being marketed to the development community.

In fact, write-ups on the properties in question state the city's Official Community Plan allows for buildings up to six storeys, with the possibility for higher density.

Penner says these types of land assembly sales are common in places like Vancouver, but not so much in Kelowna.

He says there has been interest within the development community, including companies in Alberta.

Along with expected changes in the neighbourhood, a major redevelopment is also planned for the Capri Mall.

Those plans, which would include up to 14 residential towers, were recently pulled by the developer.

However, it's expected they will be refiled in the near future.

More Kelowna News