Kelowna city council will be asked to give approval to significantly redevelop the Dilworth Shopping Centre.
Peterson Group developments will come before council Tuesday evening seeking development and development variance permits for a 490-unit rental and commercial mixed-use development on the western side of the shopping centre.
It would result in the removal of all retail stores and services west of Staples, including JYSK.
The proposal includes four six-storey buildings with underground parking, about 15,000 square feet of commercial space and 8,000 square feet of indoor amenity space spread over the four buildings.
"The project is generally divided into two phases with two buildings in each phase," the staff report states.
"The first, buildings 1a and 1b, is in the southwest portion of the property and faces Highway 97 with the second phase, buildings 2a and 2b in the southwest corner fronting Baron Road.
"There will be a new internal road between the buildings which will act as the main access to underground parkades as well as for street-level frontage for townhomes and public plazas."
The second phase of the project would face onto Superstore and the new Costco.
According to the proposal, the entire residential component would including rental only units and include 187 studio suites plus 173 one bedroom, 117 two bedroom and 13 three bedroom units.
Outdoor public amenities would include pocket parks and a dog run.
Peterson Group purchased the Dilworth Shopping Centre and Vernon Square for a combined $85 million in March of 2018.